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First edition of part I only (pp. 1-208), written by one of the leading mathematical economists. Three years after Jevons and Menger, but independently of them, Walras here enunciates the theory of marginal utility. In this text, he continues and refines the work inherited from his father and successfully develops the law of general equilibrium that made him famous. The Éléments falls into two parts: part I, present here, deals with the theory of exchange (pp. 1-208). Part II, which focuses on the theory of production, was published in 1877 and is continuously paginated (pp. 209-377). "The book regards exchange as the central economic phenomenon and treats all other branches of economic study in relation to this central fact" (Batson). Walras operates with essentially the same concepts as Jevons, but he searches continuously for solutions of the most general character. Like Jevons and Menger, he bases exchange-value on utility and limitation of quantity. Following his father, he uses the term rareté, which he defines as the "dérivée de l'utilité effective par rapport à la quantité possédée". In other words, rareté is the same as marginal utility. The desire to equalize marginal utilities (according to Gossen's second law) will lead to exchange. And this desire, together with the stocks of goods possessed by each individual, will give a determinate demand or supply for each individual. This can be represented by a functional equation or by a curve. Walras was influenced by Cournot, and it was probably this that enabled Walras to combine a utility theory of value with a mathematically precise theory of market equilibrium. In spite, or because, of the difficulties which he experienced in this task, Walras was increasingly led to enunciate a general, non-utilitarian theory of economic equilibrium, expressed in terms of functional equations. He is, therefore, essentially the economist's economist, rather than of the general reader or the politician. READ MORE Octavo (220 x 143 mm). Uncut, resewn and recased in modern green paper wrappers incorporating the original front printed wrapper, preserved in a custom cloth box. With 2 folding plates comprising 9 figures. Folding plates guarded, original front wrapper restored at extremities; a clean, uncut copy. Batson, p. 34; Cossa 279 (171); Einaudi 5965; Mattioli 3796; Walker 95.

Éléments d'économie politique pure is one of Léon Walras' most significant works, serving as a foundational text in the field of economics, particularly known for its presentation of the concept of general equilibrium.