Academics From France

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April 10, 2026

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April 10, 2026

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"There is reason, however, to think that the author would have rendered it much more interesting, and have carried it to si higher degree of perfection, had he lived in an age more enlightened and better informed in regard to the mathematics and natural philosophy. Since the death of that mathematician, indeed, the arts and sciences have been so much improved, that what in his time might have been entitled to the character of mediocrity, would not at present be supportable. How many new discoveries in every part of philosophy? How many new phenomena observed, some of which have even given birth to the most fertile branches of the sciences? We shall mention only electricity, an inexhaustible source of profound reflection, and of experiments highly amusing. Chemistry also is a science, the most common and slightest principles of which were quite unknown to Ozanam. In short, we need not hesitate to pronounce that Ozanam's work contains a multitude of subjects treated of with an air of credulity, and so much prolixity, that it appears as if the author, or rather his continuators, had no other object in view than that of multiplying the volumes. To render this work, then, more worthy of the enlightened agt in which we live, it was necessary to make numerous corrections and considerable additions. A task which we have endeavoured to discharge with all diligence"

- Jean-Étienne Montucla

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"The full recognition of the general equilibrium concept can unmistakably be attributed to Walras (1874-1877), although many of the elements of the neoclassical system were worked out independently by W. Stanley Jevons and by Carl Menger. In Walras' analysis, the economic system is made up of households and firms. Each household owns a set of resources, commodities useful in production or consumption, including different kinds of labor. For any given set of prices a household has an income from the sale of its resources, and with this income it can choose among all alternative bundles of consumers’ goods whose cost, at the given prices, does not exceed its income. Thus, Walras saw the demand by households for any consumers’ good as a function of the prices of both consumers’ goods and resources. The firms were — at least in the earlier versions — assumed to be operating under fixed coefficients. Then the demand for consumers’ goods determined the demand for resources; and the combined assumptions of fixed coefficients and zero profits for a competitive system implied relations between the prices of consumers’ goods and of resources. An equilibrium set of prices, then, was a set such that supply and demand were equated on each market; under the assumption of fixed coefficients of production, or more generally of constant returns to scale, this amounted to equating supply and demand on the resource markets, with prices constrained to satisfy the zero-profit conditions for firms. Subsequent work of Walras, J. B. Clark, Wicksteed, and others generalized the assumptions about production to include alternative methods of production, as expressed in a production function. In this context, the prices of resources were determined by marginal productivity considerations."

- Léon Walras

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"I have now... part of the proofs of your work on the Theorie de la Ricliesse Sociale, which you have been so good as to send me... I cannot delay expressing the pleasure with which I find that we have by independent paths reached conclusions which are nearly if not quite the same. I flatter myself with the hope that... we have both reached the truth, which must be one. ...[A]fter seeing a full statement of your mode of arriving at the equations of exchange, I cannot for a moment entertain the least doubt of the entire independence of your own researches... As to the question of priority of publication, it is... of less importance than that of the truth of the theory... I have always... attached much importance to this mathematical theory of economy, believing it to be the only basis upon which an ultimate reform of the science... can be founded and a solution of many difficult problems effected. I cannot, therefore, help accepting your very kind offer to make known in the Journal des Economistes... that I had already gone over part of the same ground... in a different manner. ...I feel it to be most honourable in you, after seeing merely the brief sketch of my theory as printed in the Statistical Journal for 1866, to acknowledge at once my priority on some points; and I shall be glad to learn your opinion of the much fuller statement of my views contained in the Theory of Political Economy, of which I have lately posted you a copy. ...I shall have much pleasure in doing what I can to make known in England your own excellent statement of the theory of exchange ...I trust that the theory ...will thus become the origin ...between us of many friendly letters."

- Léon Walras

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