This day ...

Marie-Esprit-Leon Walras was born on December 16, 1834 – a French economist, the leader of the Lausanne school of marginalism. For 22 years, Leon Walras was a professor at the University of Lausanne and during this time he greatly influenced economic science and the whole educational system.

It was he who owned the scientific idea of the equilibrium theory criteria, according to which demand is equal to supply. He was the first to single out four markets, such as labor, capital, financial market and the market of consumer amenities and services. The idea of Walras should be known to every modern economist, since it formed the basis of the nowadays general equilibrium theory. The Elements of Pure Economics gave the scientist fame and recognition of many colleagues.

Despite the fact that the ideas and published works of Walras were disputed and finalized, they had a huge impact on the development of economic thought and all economic education. Thanks to his initiative, the higher mathematics have begun to include in the modern economic education system on a mandatory basis.