Birthdate: December 16, 1834
Sun Sign: Sagittarius
Birthplace: Évreux
Died: January 5, 1910
Léon Walras, a French mathematical economist and Georgist, is renowned for developing the marginal theory of value and pioneering general equilibrium theory. His influential book, “Éléments d’économie politique pure,” played a significant role in mathematizing economics by introducing the concept of general equilibrium. Walras highlighted the entrepreneur’s importance in market transactions and introduced the Walrasian tâtonnement process to achieve market equilibrium. His work has had a lasting impact on economists such as Joseph Schumpeter, Vilfredo Pareto, Knut Wicksell, and Gustav Cassel, as well as on later figures like John Hicks, Paul Samuelson, Kenneth Arrow, and Gérard Debreu.
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