by Leon Vallas.

Wallace began his studies in political economics in the 1950s and was appointed professor of political economics at Lausanne University in 1870. He was one of the founders of the theory of marginal utility values. He called marginal utility "rarity" and used mathematics in economics to study how to make all markets (meaning all commodity markets) in a state of equal supply and demand, i.e. general equilibrium, becoming the founder and main representative of Western mathematical economics and general equilibrium theory. His general equilibrium analysis method is widely used in Western economics. He saw free competition capitalism as the most ideal system, but also advocated the state to intervene in the economy according to the principles of justice.

Wallace was one of the leaders of the three marginal revolutions, even though his book Elements of Pure Economics (1874) was published three years after Jefferson and Mengele promoted their marginalist ideas.