Walras on Risk, Uncertainity and Entrepreneur: the General Equiibrium Theory from a Historical Perspective

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K01575
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07020:Economic doctrines and economic thought-related
• Research Institution: Shiga University
• Principal Investigator: Misaki Kayoko 滋賀大学, 経済学系, 教授 (90242362)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: ワルラス / 一般均衡 / 企業者 / 利潤 / リスク / 不確実性 / アントレプレナーシップ

Outline of Final Research Achievements

The general equilibrium theory constructed by Walras continues to exert significant influence to this day. However, from the time of its publication, the theory was criticized for many unrealistic elements, such as the absence of time and the assumption of zero profit entrepreneur, and the challenge for theoretical economists in the 20th century was to develop it into a more realistic positive model. This study focused on the formation process of Walras's economics and its historical background, not from the perspective of contemporary theory, but from that of history of economic thought to clarify how Walras considered risk, uncertainty, and entrepreneurs in the real economy, and how this consideration relates to Walras's pure economics (general equilibrium theory). I also clarified the relationship between this consideration and Walras's pure economics (general equilibrium theory), including its ideological and socio-philosophical significance.

Free Research Field

経済学史

Academic Significance and Societal Importance of the Research Achievements

本研究の研究成果の意義は、これまであまり知られていなかったワルラスの思想を明らかにしたことにある。しかしそれだけにはとどまらず、現代の経済理論においても鍵概念となる「リスク、不確実性、企業者」に焦点を当て、ワルラス研究の分野横断的な研究の出発点となるものである。経済学史研究者たちによるワルラス研究と、理論経済学者たちのワルラス研究はこれまで大きく分断されてきた。前者の研究はこれまであまりにも専門的、個別的であり、ワルラスのもともとの理論とはかけ離れたワルラシアン・エコノミクスを論じる理論経済学者とは全く対話の糸口が見いだせていなかったからである。