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Abstract. Leon Walras'theory of money, in spite of its serious flaws, provides important insights which should prove of interest to modern monetarists. He was one of the few economists in the classical tradition to detect major deficiencies in the quantity theory of money. He favored a strong public policy to regulate the money supply in order to ensure the preservation of economic equilibrium. Most of his arguments were motivated by his concern for the wage earners because he knew that they were the first to suffer in times of economic crisis.

Abstract. Léon Walras strongly believed that without an equitable distribution of wealth there could be no social justice. Though he defended the right of private property, he considered that land was a special case and that it belonged to all the community. His social reform involved the nationalization of land, the abolition of taxation on wages, the curbing of monopoly power, and the promotion of a strong cooperative movement. He insisted that the only way the working class could regain their freedom was by becoming property owners. The influence of Henry George on Walras' thinking is obvious. They both shared the same humanitarian ideals, and both believed in a capitalist system working side by side with the social reforms they advocated.

Abstract. Vilfredo Pareto has been labelled a fascist and 'a precursor of fascism' largely because he welcomed the advent of fascism in Italy and was honored by the new regime. Some have seen in his sociological works the foundations of fascism. This is not correct. Even fascist writers did not find much merit in these works, and definitely condemned his economic theories. A s a political thinker he remained a radical libertarian till the end, and continued to express serious reservations about fascism, and to voice opposition to its basic policies. This is evident from his correspondence with his close friends. There are strong reasons to believe that, had he lived long enough, Pareto would have revolted against fascism.

Abstract. Auguste Walras' interest in and contribution to economic theory were prompted mainly by his quest for a valid theory of property. After a critical analysis of the current theories of value, he singled out scarcity as the only significant cause of value. He concluded that land was scarce in a very special sense and, hence, should belong not to single individuals but to society as a whole. This is not, however, incompatible with private ownership of non‐land capital. His famous son. Léon Walras, not only adopted this theory but also proved the feasibility of a laissez‐faire type of economy in which land is nationalized. His debt to his father is also evident in his analysis of general economic equilibrium in which he makes use of valuable economic ideas and tools devised or inspired by Auguste Walras.

Abstract. Léon Walras was one of the few outstanding 19th century economists who, though as a theoretician belonged to the mainstream of orthodox economics, expressed views which at one time were considered to be too radical. He advocated in particular the nationalization of land as the solution to the social problem. This would generate sufficient revenue to government to enable it to do away with taxing income derived from wages and salaries. As a result workers would be in a position to invest their untaxed income and thus acquire their rightful share in the national wealth. Contrary to what many have argued, such 'socialistic' policy was not incompatible with Walras' theoretical model of perfect competition. In the absence of private ownership of land and natural resources, there would be no place for big enterprises and monopolies. His great compromise was: allow social reforms in the realm of distribution, but promote lassser‐faire in the production of goods and services. Walras was convinced that if, on top of a radical land reform, the State sought to secure the working of a free competitive system, then the economic system could function very closely to the theoretical model. Though there are flaws in his proposals, his ideas no longer appear as preposterous as they did in his own time.

Vilfredo Pareto's contribution to modem economic theory is today universally recognized, but to my mind his particular contribution to utility theory is not sufficiently understood. In the following paragraphs I intend to give an assessment and evaluation of Paretian thought on this important topic. It seems that Pareto' s contribution to utility theory originated as a reaction to the attitude of Walras and the Austrian School of.Economists to this same theory. The latter thought that utility theory, as they understood it, was a sort of ultimate truth, a key to all the secrets of pure economics. Consequently they placed such an emphasis on it that they induced Pareto and the Paretians to do their best to demolish it. Such was their eagerness that some even held that this departure constituted Pareto's main contribution to economic theory. ; N/A