A centennial: The walras vision

Summary The purpose of the article is to observe the Walras centennial by restating as simply and as succinctly as possible the core of the Walras vision: considerm outputs,n inputs, and s households. Industry demands inputs and supplies outputs; households demand outputs and supply inputs. Define equilibrium demand, supply, and relative price in all resulting, purely competitive, markets as a system of equations sufficiently complete to determine the value of the variables. In restating the core, the article offers nothing original beyond simplicity and succinctness.For careful reading and a comprehensive critique of an earlier draft, I am indebted to Professor William Jaffé of York University. For permission to quote the translation of Walras he prepared with loving care and superior linguistic skills, I am indebted to him as well as to Richard D. Irwin, Inc., Homewood, Illinois.