著者

西 淳

出版者

The Japanese Society for the History of Economic Thought

雑誌

経済学史学会年報 (ISSN:04534786)

巻号頁・発行日

vol.39, no.39, pp.159-170, 2001 (Released:2010-08-05)

参考文献数

20

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Walras proposed that as a result of free competition, extra profit convergences to zero, and thus enterprisers cannot gain under the Walrasian adjustment rule (named “Dual-Cross adjustment rule” by Morishima) in his book, “Elements”. But he could not examine the validity of this proposition rigorously, because he did not have the necessary tools to do so.In this paper, I try to examine his “conjecture” (not a proposition) rigorously in a more general situation (an economy containing the production of producer goods) than did Walras in his own writing. I then attend to the structure of time lag since Walras neglected to address the problem of such a time structure. I will examine how the structure of time lag effects the stability of the Walrasian adjustment rule. Furthermore, I will assume Say's law in Lange-Patinkin's sense. Thus the validity of the above Walras' conjecture will be tested precisely.