Leon Walras
A founder of general equilibrium theory, demonstrating how prices and quantities in different markets interact to reach equilibrium.
Quotes by Leon Walras
The pure theory of economics is a physico-mathematical science like mechanics or hydrodynamics.
The whole world is a market, and all the goods are commodities.
The determination of prices is a problem of equilibrium.
The general equilibrium of the market is the state in which all prices are such that all demands are satisfied and all supplies are absorbed.
The utility of a good is a decreasing function of the quantity consumed.
The value of a good is determined by its utility and its scarcity.
The entrepreneur is the agent who combines the factors of production to produce goods and services.
The theory of exchange is the foundation of economic science.
The market is a mechanism for the allocation of resources.
The role of the state is to ensure the conditions for free competition.
Mathematics is the language of economic science.
The general equilibrium theory is a comprehensive framework for understanding the economy.
The concept of 'tâtonnement' (groping) describes the process by which prices adjust to equilibrium.
The theory of production is concerned with the optimal combination of factors of production.
The theory of capital is concerned with the accumulation and allocation of capital.
The theory of money is concerned with the role of money in the economy.
The theory of interest is concerned with the determination of the interest rate.
The theory of rent is concerned with the determination of rent for land and other natural resources.
The theory of wages is concerned with the determination of wages for labor.
The theory of profit is concerned with the determination of profit for entrepreneurs.