ABSTRACT
Walras’s pure natural economics studies value in exchange, as the phenomenon of social wealth (the corporeal entity), with respect to its nature, its causes, its laws and its consequences. By considering the phenomenon of value in exchange as a property of things, which accomplishes that things are neither obtained freely nor given away freely but are instead bought and sold in a certain relation, the relation of this phenomenon to social wealth is established. As such, value in exchange always implies the exchange of two things or commodities. The demand for a commodity is matched by the supply of another commodity, which, in turn, was matched by the demand for the former. The supply of, and demand for, a commodity gives rise to the phenomenon of value in exchange.
