by Leon Vallas.

On January 5, 1910, the French economist A. Vallas died at the age of 76.

Leon Walras (December 16, 1834 ¨C January 5, 1910) was a French economist who was considered ¡°the greatest of all economists¡± and who pioneered the theory of general equilibrium, was a mathematical economist, leader of the marginal revolution and founder of the Lausanne School.

He was born in France in 1834, his father Augustus was a well-known French scholar, who served as a professor of philosophy at the Royal College of Cain, France, and became a renowned economist after publishing The Origin of Wealth and Value in 1831.

During his youth he loved literature and received a bachelor¡¯s degree in literature in 1851. In 1858, he published the novel ¡°Francis, Shawli¡±. In 1859, he published the short novel ¡°Letters¡± in the French Review.

In 1865, Valla and Lyon Sey joined a production cooperative bank and began to study the French cooperative movement. From 1866 to 1868, before the bankruptcy, they also hosted the monthly economic magazine Labour. Valla served as editor of the magazine. Valla spoke publicly in Paris on economic issues such as the cooperative movement. In 1868, he published the Social Ideals Study, advocating the reconciliation of class interests in society and opposing violence. Valla met with many of the friends of the Saint-Simon School and believed that their "socialist" economics was unscientific. He advocated that the state should acquire private property, such as land, railways, etc., which is incompatible with achieving the greatest welfare of society. In this way, the state can no longer tax property that provides economic income

In 1860 he went to Lausanne, Switzerland, to attend an international tax conference, where he met the famous Swiss lawyer and politician Louis Rosanna. Ten years later, in December 1870, Valra gave his first lectures at Lausanne College as a special professor on his recommendation. Valra had always wanted to teach political economics at French universities, failed as he wanted, and therefore hoped to teach at Lausanne College. But three of the seven committees that chaired Lausanne's professor of political economics disagreed with asking him to teach for a year. They thought that Valra was academically superior to other candidates, but Valra's book The Social Ideals Study advocated social improvement and had a "communist" tendency. Until 1871, Valra was hired as a professor.

by Leon Vallas.

by Leon Vallas.

At Lausanne College, Valla began to study micropoints and developed the mathematical theory of marginal utility. In 1873, Valla published a paper entitled The Principle of Mathematical Theory of Exchange, which was not popular. Before Valla, the German economist Gosen began to study economic problems using mathematical methods, and in 1850 published The Development of the laws of human exchange and the norms of human behavior, that is, using mathematical equations to explain the laws of enjoyment. The British economist Jevens also studied economics before Valla using mathematical methods, he proposed that wealth, value, usefulness and so on belong to quantitative concepts, which can be used in mathematical expression. Valla believed that his theory proved the correct relationship between utility and demand, achievement superior to

In 1874, Valla published his book The Essentials of Pure Political Economy, in which he divided economics into the three major parts of Pure Economics, Practical Economics and Social Economics, and founded Pure Economics as the basis of Pure Economics and Social Economics. In his view, ¡°Pure Economics is essentially the theory of price determination under an absolute system of competition¡± and ¡°the theory of social wealth¡±. Pure Economics, although it can be expressed in general language, must be argued in mathematical methods. ¡°It is a physics¡ªa mathematical science like mechanics and hydrology.¡± In this book, Valla uses algebraic formulas and geographics to explain and argue the theory of Pure Economics in detail.

Valera's theory of practical economics mainly consists of the analysis of marginal utility and the analysis of general balance. Valera and Jevens and Mengele were the pioneers of the theory of marginal utility. Jevens's Principles of Political Economy and Mengele's Principles of National Economy published in 1871, Valera's Principles of Pure Political Economy published in 1874 marked the formation of the theory of marginal utility. This theory was not accidental at the time when the developed European capitalist countries had begun to transition to the imperialist stage, the internal contradictions that capitalism could not overcome grew, and the proletariat continued to develop the struggle against the bourgeoisie, and the Paris Commune sounded the bell of capitalism. Under these historical conditions,

On the basis of this analysis of marginal utility, Vallarta proposed the ¡°General Balance Theory.¡± He argued that all economic phenomena are manifested through quantitative relationships. These quantities are fully interdependent and influenced and balanced under certain conditions. The supply, demand and price of various commodities do not exist independently, it is influenced by the prices and demand of other commodities. Any partial change is not isolated and will necessarily affect the other partial changes. Only when the supply and demand of each commodity in the entire price system are equal, the general balance is formed. He emphasized in particular that to determine the value of certain economic variables, the relationship between these economic variables must be represented as a functional relationship, and that any partial change in the equation system must be sufficiently balanced

What is the true origin and essence of value?What is the specific process of price formation?Valla does not answer and cannot answer.Valla's general equilibrium theory belongs to the field of microeconomics.This general equilibrium analysis in microeconomics is a well-known prerequisite based on the total supply price and the total demand price.But all commodity prices in Valla's general equilibrium theory lack a realistic basis, it is based on subjective idealism.

Shortly after the publication of Pure Political Economy, Valla's wife suffered from severe illness, increasing expenses, and family economic distress, Valla went to Geneva and other places to study, and worked as an insurance consultant for a Swiss insurance company, writing an article in the Lausanne newspaper every two weeks under the name of "Paul", to the Universal Archives. In 1879, his wife fell ill. In 1884, Valla married again.

After his marriage, Valla's economic situation improved, and he began to re-studiate monetary theory. He previously believed that the demand for money depended on the total volume of transactions. At this time, he changed this view, believing that the demand for money depended on the demand for cash balance, similar to the later Keynes theory. In 1881, Valla published the Mathematical Theory of Reposition, which proposed a complete theory of reposition with a fixed ratio. He advocated an "isotopic metal system", which adopted gold-based but available silver tokens. The state compensated for long-term fluctuations in the value of the coin by regulating the number of silver coins.

Valera not only proposed the theory of marginal utility, but also combined mathematics with this theory. After Valera, mathematical and economic analysis began to be widely adopted. Italian economist Pareto and others inherited and developed his theory, gradually forming the Lausanne School. Valera was considered to be the actual founder of the Lausanne School, named for his long teaching at the University of Lausanne. In 1892, Valera retired from the Lausanne College, succeeded by his students Pareto and taught political economics at Lausanne College. After his retirement, Valera continued to study economics. In 1896 and 1898, he published Social Economics and Applied Economics Studies.

In 1900, his wife died and he moved to an apartment on the lake of Geneva with his unmarried daughter.In 1909, Lausanne College held a commemoration for his fifty years of economics studies.On January 5, 1910, Valla died.