Leon Walras

Rarete is the principle of value.

The marginal utility theory explains consumer behavior perfectly.

In my old age, I see economics as a quest for truth.

Competition is the soul of the market.

The tâtonnement process simulates market adjustment.

Land nationalization is essential for social harmony.

Mathematics is the language of economics.

The entrepreneur coordinates production in equilibrium.

Value in exchange arises from scarcity and utility.

My life's work has been to mathematize economics.

The auctioneer metaphor illustrates price formation.

Free trade benefits all nations in the long run.

Economics must be purified of psychological elements.

The intensity of the final degree of utility governs demand.

In correspondence with Marshall, I defended pure theory.

Life is too short for incomplete theories.

The general equilibrium system is a symphony of markets.

Critics misunderstand the mathematical rigor required.

Wisdom in economics lies in abstraction.

The poor deserve justice through economic reform.