Walras, Auguste, 1801-1866

Auguste Walras (French: [valʁas]; 1801–1866) was a French school administrator and economist. He was the father of Léon Walras, who was influenced greatly by his father's opinions on economics. Auguste Walras convinced his son to end his original literary aspirations in favor of economic studies. It was his idea to consider rareté (scarcity) and utility as the source of value. He also encouraged him to use mathematical methods, probably inspired by his former classmate Augustin Cournot. Auguste Walras found the value of goods by rating their scarcity relative to human wants. His own efforts concerning his theories consisted of a basic idea which Leon Walras was to use. Auguste Walras' opinion on nationalization of land was also adopted by the young Walras.