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As is known, Léon Walras is mostly famous for his theory of generalequilibrium and a supposed adherence to a principle of laissez faire. However,a comprehensive appraisal of his work would reveal that his generalequilibrium model constitutes but a part of a far-reaching theory in whichpublic intervention and the ethical objective of social justice play a central role.This emerges in particular from a significant, but rather overlooked,contribution, the Studies in Social Economics. Within this approach, theproposals of: 1) complete nationalisation of land and abolition of taxation;2) regulation of situations of monopoly and imperfect competition; 3) hissympathy with cooperatives firms in production and consumption, placeWalras’ perspective fairly close to social liberalism and several heterodoxeconomics’ contributions that underscore the relevance of public action foreconomic and social progress.

public action; individual action; subsidiarity; social liberalism; social valuation; social justice.