Walras et l’économie publique

Abstract

According to Walras, political economy is both the presentation of what is and the program of what must be. In his analysis of general equilibrium, free competition appears as a self-regulating mechanism of wealth production. But this demonstration, to the extent that it shows the assumptions under which the market leads to a situation where the agents’ satisfaction is maximal, highlights situations where market failure makes state intervention necessary.

Keywords

• Walras (Léon)
• Dupuit (Jules)
• public utilities
• natural monopoly