Walras, Leontief, and the Interdependence of Economic Activities

Abstract

I. Introduction, 323. — II. The Walrasian model, 325; the household sector, 325; the entrepreneurial sector, 336; the investment sector, 341; secondary conditions, 344. — III. Criticism of the Walrasian model, 345; the static nature of the model, 345; the purely competitive nature of the model, 347; the omission of important sectors from the model, 349. — IV. The Leontief open system, 349.