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Cet article est consacré aux écrits monétaires de Léon Walras précédant la publication des Eléments (1860-71). Le but est de présenter l'apparition progressive d'une première explication des crises dans le cadre de sa théorie monétaire en formation. À partir du début des années soixante et tout le long de sa carrière, Walras interprète les crises en termes de surcapitalisation. Cependant, tant les causes de la surcapitalisation que ses mécanismes subissent de grands changements. Dans ses tout premiers écrits, Walras considère les dépenses hors budget de l'État comme responsables de la formation excédentaire de capital fixe sur l'épargne qui conduit aux crises. Dès l'instant où Walras se distancie des textes de son père, il affine son raisonnement et, suivant une ligne théorique qui passant par Victor Bonnet remonte probablement jusqu'à Thomas Tooke, il focalise son explication des crises sur le rôle du crédit et des intermédiaires financiers. Si les propositions de politique économique de la fin des années soixante restent timides, déplacer la cause ultime des crises de la politique de dépenses de l'État aux comportements des spéculateurs engage Walras dans un processus d'«endogénéisation » des crises. Ce processus, qui trouve son expression théorique la plus forte dans la Théorie mathématique du billet de banque, conduira l'auteur à considérer les crises, non plus comme un accident de parcours, mais comme un phénomène inhérent à l'organisation «spontanée » de l'économie.

La scienza economica dell'ultimo tentennio, a causa di ripetute e in parte nuove difficoltà delle economie concrete che hanno coinvolto anche gli apparati teorici, si è trovata in difficoltà.

"Metaphors in the History of Economic Thought: Crises, Business Cycles and Equilibrium explores the evolution of economic theorizing through the lens of metaphors. The edited volume sheds light on metaphors which have been used by a range of key thinkers and schools of thought to describe economic crises, business cycles and economic equilibrium. Structured in three parts, the book examines a wide range of metaphors ranging from mechanics, waves, storms, medicine and beyond. The international panel of contributors focuses primarily on economic literature up to the Second World War, knowing again that the use of metaphors in economic work has seen a resurgence since the 1980s. This work will be of interest to advanced students and researchers in the history of economic thought, and economics and language. Roberto Baranzini is a professor in economics and in the history and philosophy of economics at the Centre Walras-Pareto, University of Lausanne, Switzerland. His research covers the second half of the 19th century and the beginning of the 20th century, focusing on the work of Léon Walras and on the Ecole de Lausanne until the 1960s. Daniele Besomi is senior research fellow at the Centre Walras-Pareto, University of Lausanne, Switzerland. His research centres on the history of business cycles and crises theories, and his writings include some on the key metaphors used frequently by writers on the subjects"--

Pascal Bridel held the Chair of Economics at the University of Lausanne and is founder of the Centre Walras-Pareto. This major essay collection reflects his wide range of interests and his seminal contributions to economic theory. It is the work of more than thirty of the most senior scholars of economics working today