Definition of Walras' law in English:

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Walras' law

Pronunciation: /ˈvalras ˌlô/
Economics
A law stating that the total value of goods and money supplied equals that of goods and money demanded.

Derivatives

Walrasian

adjective
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.

Origin

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

For editors and proofreaders

Syllabification: Wal·ras' law

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