WALRAS, Antoine Auguste was born in 1801 in Montpellier, France.
Rejecting utility and labour, he suggested ‘rareté’ as the true source of value. This placed the emphasis on the quantity of commodity available, and led him to argue that political economy should be a mathematical science. In the Théorie.. he developed a doctrine of property which involved public ownership of land.
Not least of his achievements was the formative influence he exercised on the ideas of his son, Léon. Educational administrator.