of Lausanne, Walras is credited with founding the Lausanne school of economics, along with his successor Vilfredo Pareto. Because most of Walras's publications were only available in French, many economists were unfamiliar with his work. This changed in 1954 with the publication of William Jaffé's English translation of Walras's Éléments d'économie politique pure. Walras's work was also too mathematically complex for many contemporary readers of his time. On the other hand, it has a great insight into the market process under idealized conditions so it has been far more read in the modern era. Although Walras came to be regarded as one of the three leaders of the marginalist revolution, he was not familiar with the two other leading figures of marginalism, William Stanley Jevons and Carl Menger, and developed his theories independently. Elements has Walras disagreeing with Jevons on the applicability, while the findings adopted by Carl Menger, he says, are completely in alignment with the ideas present in the book (even though expressed non-mathematically). Main ideas Walras's law Walras's law implies that the sum of the values of excess demands across all markets must equal zero, whether or not the economy is in a general equilibrium. This implies that if positive excess demand exists in one market, negative excess demand must exist in some other market. Thus, if all markets but one are in equilibrium, then that last market must also be in equilibrium. General equilibrium theory In 1874 and 1877 Walras published the work that led him to be considered the father of the general equilibrium theory, Éléments d'économie politique pure [see next section for bibliographical details]. His main goal was to solve a problem presented by A. A. Cournot: Does a general equilibrium exist? Though it had been demonstrated that prices would equate supply and demand to clear individual markets ("partial equilibrium"), it was unclear that an equilibrium existed for all markets simultaneously ("general equilibrium"). While teaching at the Lausanne Academy, Walras began constructing a mathematical model that assumes a "regime of perfectly free competition", in which productive factors, products, and prices automatically adjust in equilibrium. Walras began with the theory of exchange in 1873 and proceeded to map out his theories of production, capitalization and money in his first edition. His theory of exchange began with an expansion of Cournot's demand curve to include more than two commodities, also realizing the value of the quantity