4. Genesis of a Masterpiece: The Theory of General Economic Equilibrium

The chapter delves into the genesis of Léon Walras's general economic equilibrium theory, widely regarded as his masterpiece. It explores the essential references and tools used in the study, including collections of essays and scientific correspondence. The text is structured into three main sections: the French years, the Vaud years, and the status of pure economics. The French years focus on Walras's early research and education, highlighting his mathematical background and initial forays into economic theory. The Vaud years detail the main stages of constructing the general economic equilibrium theory, including the publication of the Éléments d’économie politique pure and the development of key models. The chapter also examines the status of pure economics, questioning whether it is a positive or normative project. The text concludes by summarizing the contributions of Walras's theory to economic thought and its enduring significance in the field.