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 study of economics requires a rigorous and systematic approach.
The economic problem is one of scarcity and choice.
The market is a powerful engine of economic growth.
The role of the economist is to analyze and understand the economic system.
The economic laws are universal and apply to all societies.
The economic system is a dynamic and complex entity.
The theory of general equilibrium is a cornerstone of modern economics.
The market is an efficient mechanism for allocating resources.
The economic system is a reflection of human behavior.
The pursuit of self-interest, under certain conditions, can lead to a socially optimal outcome.
The economic system is in equilibrium when supply equals demand in all markets simultaneously.
Exchange is the fundamental act of economic life.
The role of the economist is to establish the laws of exchange.
In a competitive market, prices adjust to clear all markets.
Utility is the measure of desire.
The theory of general equilibrium is the cornerstone of economic science.
Money is the veil that hides the true workings of the economy.
Social justice requires the equitable distribution of wealth.
The state must intervene to correct market failures.
Economics is not merely a science of wealth, but of human action.