Share this entry

Share this page

Walras' law

Syllabification: Wal·ras' law
Pronunciation: /ˈvalras ˌlô

Definition of Walras' law in English:

A law stating that the total value of goods and money supplied equals that of goods and money demanded.


1940s: named after M. E. Léon Walras (1834–1910), French economist.



Example sentences
  • He does not view modern finance as being Walrasian, that is, a theory of mutual determination of markets, real and financial.
  • Schumpeter explicitly credits the equilibrium-based Walrasian system as a scientific foundation for economics.
  • According to Montes, Smith was not a proponent of a mathematical-deductive method and he was certainly not a proponent of an embryonic form of Walrasian general equilibrium theory.

Definition of Walras' law in:

Share this entry

Share this page


What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.

Get more from Oxford Dictionaries

Subscribe to remove ads and access premium resources

Word of the day quintillion
Pronunciation: kwinˈtilyən
a thousand raised to the power of six…