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Elon Reeve Musk (/ ˈ iː l ɒ n / EE-lon; born June 28, 1971) is a businessman and investor.He is the founder, chairman, CEO, and CTO of SpaceX; angel investor, CEO, product architect, and former chairman of Tesla, Inc.; owner, executive chairman, and CTO of X Corp.; founder of The Boring Company and xAI; co-founder of Neuralink and OpenAI; and president of the Musk Foundation.
Leonhard Euler ( / ˈɔɪlər / OY-lər, [b] German: [ˈleːɔnhaʁt ˈʔɔʏlɐ] ⓘ, Swiss Standard German: [ˈleːɔnhart ˈɔʏlər]; 15 April 1707 – 18 September 1783) was a Swiss mathematician, physicist, astronomer, geographer, logician, and engineer who founded the studies of graph theory and topology and made pioneering and influential discoveries in many oth...
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- Main Ideas
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Walras was the son of a French school administrator Auguste Walras. His father was not a professional economist, yet his economic thinking had a profound effect on his son. He found the value of goods by setting their scarcity relative to human wants. Walras enrolled in the École des Mines de Paris, but grew tired of engineering. He worked as a ban...
Walras's law
Walras's lawimplies that the sum of the values of excess demands across all markets must equal zero, whether or not the economy is in a general equilibrium. This implies that if positive excess demand exists in one market, negative excess demand must exist in some other market. Thus, if all markets but one are in equilibrium, then that last market must also be in equilibrium.
General equilibrium theory
In 1874 and 1877 Walras published the work that led him to be considered the father of the general equilibrium theory, Éléments d'économie politique pure [see next sectionfor bibliographical details]. His main goal was to solve a problem presented by A. A. Cournot: Does a general equilibrium exist? Though it had been demonstrated that prices would equate supply and demand to clearindividual markets ("partial equilibrium"), it was unclear that an equilibrium existed for all markets simultaneou...
Walrasian auction
The Walrasian auction is a type of simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer. The price is then set so that the total demand across all agents equals the total amount of the good. Thus, a Walrasian auction perfectly matches the supply and the demand. Walras suggests that equilibrium will be achieved through a process of tâtonnement(French for "trial and error"), a form of incremental hill climbing.
In 1941 George Stiglerwrote about Walras: What caused the re-appraisal of Walras's consideration in the US, was the influx of German-speaking scientists – the German version of his Théorie Mathématique de la Richesse Sociale was published in 1881.According to Schumpeter:
Éléments d'Économie Politique Pure
The Élémentsof 1874/1877 are the work by which Léon Walras is best known. The full title is 1. Éléments d'Économie Politique Pure, ou Théorie de la richesse sociale. The half titlepage uses only the title ('Éléments d'Économie Politique Pure') whereas inside the body (e.g. p. 1 and the contents page) the subtitle ('Théorie de la richesse sociale') is used as if it were the title.
Other works
1. Francis Saveur, 1858. 2. "De la propriété intellectuelle", 1859, Journal des économistes. 3. Walras, Léon (1860). L'économie Politique Et La Justice: Examen Critique Et Réfutation Des Doctrines Économiques De P.j. Proudhon, Précédés D'un Introduction À L'étude De La Question Sociale (in French). Paris: Guillaumin. Retrieved 17 August 2018. 4. "Paradoxes économiques I", 1860, Journal des économistes. 5. "Théorie critique de l'impôt", 1861. 6. De l'impôt dans le Canton de Vaud, 1861. 7. Walr...
Jaffé, William, and Donald A. Walker (ed.) (1983). Essays on Walras. Cambridge University Press.Morishima, Michio (1977). Walras' economics : a pure theory of capital and money. Cambridge University Press.Medema S.G. & Samuels W.J. (2003). "The history of economic thought: a reader" Routledge, London and New York.Leon Walras (1834–1910). Library of Economics and Liberty (2nd ed.). Liberty Fund. 2008. {{cite book}}: |work= ignored (help)Works by or about Léon Walras at Internet ArchiveThe Wolf of Wall Street is a 2013 American biographical black comedy film co-produced and directed by Martin Scorsese and written by Terence Winter, based on Jordan Belfort 's 2007 memoir of the same name.
Léon: The Professional is a 1994 English-language French action-thriller film written and directed by Luc Besson.It stars Jean Reno and Gary Oldman, and features the film debut of Natalie Portman.The plot centers on Léon (Reno), a professional hitman who reluctantly takes in twelve-year-old Mathilda Lando (Portman) after her family are murdered by corrupt Drug Enforcement Administration ...
Leon N. Cooper. Leon N. Cooper [1] (born February 28, 1930) is an American physicist and Nobel Prize laureate who, with John Bardeen and John Robert Schrieffer, developed the BCS theory of superconductivity. [2] [3] His name is also associated with the Cooper pair and the BCM theory of synaptic plasticity. [4]
Brad Marchand. Bradley Kevin Marchand ( / mɑːrˈʃænd / mahr-SHAND; [1] born May 11, 1988) is a Canadian professional ice hockey left winger and captain of the Boston Bruins of the National Hockey League (NHL). The Bruins selected Marchand in the third round, 71st overall, of the 2006 NHL Entry Draft . Marchand was raised in Hammonds Plains ...
