General Equilibrium Theory and Its Theorists

"As every individual...endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affect to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it."

--Adam Smith, The Wealth of Nations, Bk IV, Ch. II.

Leon Walras, 1834-1910 (Wikimedia Commons)

Founder of general equilibrium theory

One of three founders of neo-classical economics and of the marginalist revolution

Elements of Pure Political Economy (1874-7)

Francis Ysidro Edgeworth, 1845-1926 (Wikimedia Commons)

Founder of "exact utilitarianism," the utilitarian school of mathematical ethics

Founding editor of The Economic Journal

-New and Old Methods of Ethics (1877)

-Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences (1881)

Vilfredo Pareto, 1848-1923 (Wikimedia Commons)

Inventor of the concept of Pareto-efficiency

-Course of Political Economy (1896-7)

-Socialist Systems (1902)

-Manual of Political Economy (1906)

-Treatise of General Sociology (1916)

Gustav Cassel, 1866-1945 (Wikimedia Commons)

Developer and propagandist of Walras's theory of general equilibrium in

Theory of Social Economy (1916)

Portrait

John Hicks, 1904-1989

Value and Capital (1939)

John von Neumann, 1903-1957 (Wikimedia Commons)

"A Model of General Economic Equilibrium," (1937)

Abraham Wald, 1902-1950 (Wikimedia Commons)

"On Some Systems of Equations of Mathematical Economics" (1936)