Auguste Walras

Auguste Walras (; 1801–1866) was a French school administrator and economist. He was the father of Léon Walras, who was deeply influenced by his father's view on economics.

Auguste Walras convinced his son to give up his original literary aspirations to pursue economic studies. It was his idea to take ''rareté'' (scarcity) and utility as the source of value. He also encouraged him to use mathematical tools, probably under the inspiration of his former classmate Augustin Cournot.

Auguste Walras found the value of goods by setting their scarcity relative to human wants. His own efforts in working out his theories did not extend beyond a sketch which Leon Walras was to draw upon. Auguste Walras' policy stance on nationalization of land was also adopted by the young Walras. Provided by Wikipedia