Therefore, in Walrasian terms, a monetary expansion would raise prices by an equivalent amount, with no real effects on employment or output.
Neoclassical economics also follows this lead — and that of Jevons, Menger, and Walras — from the 1870s and discards the LTV in favour of general equilibrium theory, which determines prices based on the interaction of preferences, technology and endowments through supply and demand.
conclusions (on neoclassical theory from Walras to hints of the future in comparative dynamics, the comparative-statics counterpart of dynamic systems)
Especially his "new view" of David Ricardo as a direct predecessor of later neo-classical economists such as Marshall and Walras has triggered heated debates.
The book synthesises dynamic-adjustment elements from Walras and Wicksell and from Marshall and Keynes.
Auguste Walras (1801–1866), French school administrator and amateur economist
Walras | Léon Walras | Auguste Walras |