French economist Léon Walras (1834-1910) is the founder of the Lausanne school of economics, which is named after the Academy of Laussane in Switzerland, where Walras was chair of the political economy. Walras constructed a mathematical model which he called general equilibrium theory, in which productive factors, products, and prices automatically adjust themselves in equilibrium. Walras' most important books are: Elements of Pure Economics or the Theory of Social Wealth, (in French 1874–1877), Studies in Social Economics or the Theory of Distribution of Social Wealth, (in French 1896), and Studies in Applied Economics or the Theory of Production of Social Wealth (in French 1898). He was critical of capitalism and the market economy and advocated for the abolition of taxes and the nationalization of private land.

Another important member of this school of economics is Vilfredo Pareto. Pareto's most important original contributions to economics are: the theory of economic optimum, the classification of capital into three types (immovable, movable, and humane), the theory of the influence of personal tastes on consumption, and research on the causes of economic cycles (ups and downs of the economy). Polish economist Leon Winiarski is also regarded as a member of the Lausanne School of economics.

Books: 

Pareto, Vilfredo. Manual of Political Economy: A Critical and Variorum Edition (2020, in Italian 1906);

Walras, Léon. Elements of Pure Economics or the Theory of Social Wealth (1954, in French 1874–1877).