Léon Walras
Definition
French economist (1834–1910). Formulated general equilibrium — the idea that prices in all markets are determined simultaneously.
Example
Walrasian auctioneer is a thought experiment for how prices adjust to clear all markets.
French economist (1834–1910). Formulated general equilibrium — the idea that prices in all markets are determined simultaneously.
Walrasian auctioneer is a thought experiment for how prices adjust to clear all markets.