WALRAS, Auguste.

Théorie de la richesse sociale ou Résumé des principes fondamentaux de l'économie politique.

Paris, Guillaumin et Cie, 1849. 8vo, pp. 103, [1] blank, [1] contents, [1] blank, plus final advertisement leaf; occasional light foxing; uncut in the original printed wrappers, a little soiled, upper corner of rear cover torn away; preserved in a custom-made box. First edition. Auguste Walras, father of Léon, studied at the École Normale in Paris where he met and worked with Augustin Cournot under the tuition of Victor Cousin. Although initially a student of philosophy and literature, Walras felt an attraction to political economy. He was interested in the subject of private ownership and for six years devoted his energies to a thorough investigation of this issue and developed his own general schemata of economics as a science. The Théorie de la richesse is important for the influence it had on Léon; it is from this work that he derived his conceptual arrangement of capitaux as ‘all “goods” that serve more often than once and, in a narrower sense, as durable goods that are themselves produced (capitaux proprement dits). Their services he called revenus, no matter whether they are consumed by the owner (e.g. as leisure in the case of “personal” capital: this leisure is still travail) or used productively’ (Schumpeter, p. 999).From the student library at the Académie de Lausanne, with its stamp to the title, half-title, and front cover. Léon Walras taught at the Académie from 1870 until 1893, where he, and his successor, Vilfredo Pareto, founded the so-called ‘Lausanne School’ of economic thought.Cossa 272 (83); Einaudi 5974.

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