Category Archives: Leon Walras

Walras’s System Lacks Dynamic Significance [Brief Item #75]

[2/10/20] Schumpeter, Walras: While we agree with Schumpeter that Walras’s system implicitly includes the aggregates commonly considered in macroanalysis, (Walras’s system) can hardly be credited with distinctions between basic and surplus expenditure, receipts, outlay, income, and much less with an account of their various dynamic relations.  But until such distinctions are drawn and their dynamic significance understood, the aggregates and relations cannot be contained implicitly in any system.  [#75] [CWL 15,  91-92] (Click here for previous “Single Paragraphs” or “Brief Items”)