Walrasian

Adjective

Meaning

(economics) Of or pertaining to the theories of the 19th-century French economist Léon Walras.

(economics) Relating to a tatonnement process for achieving exchange equilibrium.
a Walrasian auction

Related terms

Examples

Economists call the solution to the utility maximization problem a Walrasian demand function or correspondence. Source: Internet

Others see his work as compatible with neoclassical economics, as developed in modern general equilibrium models, or as unable to determine a long-period position, just like the Walrasian approach. Source: Internet

However stability depends not only on the number of equilibria but also on the type of the process that guides price changes (for a specific type of price adjustment process see Walrasian auction ). Source: Internet

In particular, the Walrasian agenda included the investigation of when equilibria are unique and stable. Source: Internet

Keynesianism In Schumpeter's theory, Walrasian equilibrium is not adequate to capture the key mechanisms of economic development. Source: Internet

To reconcile these two models, restrictions are placed on the Walrasian demand function. Source: Internet

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