Walras's law
id:
walras-s-law-173-2853521
title:
Walras's law
text:
Walras's law is a principle in general equilibrium theory asserting that budget constraints imply that the values of excess demand must sum to zero regardless of whether the prices are general equilibrium prices. That is:
- ∑ j = 1 k p j ⋅ = 0, where p j is the price of good j and D j and S j are the demand and supply respectively of good j. Walras's law is named after the economist Léon Walras of the University of Lausanne who formulated the concept in his Elements of Pure Economics of 1874.
brand slug:
wiki
category slug:
encyclopedia
description:
Economic law
original url:
https://en.wikipedia.org/wiki/Walras%27s_law
date created:
2005-12-01T20:33:12Z
date modified:
2024-09-02T01:48:13Z
main entity:
{"identifier":"Q1089697","url":"https://www.wikidata.org/entity/Q1089697"}
image:
fields total:
13
integrity:
15