ABSTRACT
Ad multos annos … The connection between Leon Walras, Vilfredo Pareto and Harald Hagemann is obvious. Both Lausanne masters were nothing more than émigré economists trying to find an intellectual refuge from France and Italy. And today, in the field of émigré economists, Harald is clearly the brightest contemporary scholar at hand. Similarly, Harald’s other favourite intellectual playground is undoubtedly economic dynamics and trade cycle theory. Hence, this essay is a modest attempt to explore the different theoretical connections established by Walras and Pareto between their similar general equilibrium models and their very different trade cycle theories.
