What is Léon Walras?
[[File:Walrass.jpg|thumb]] '''Léon Walras''' (16 December 1834-5 January 1910) was a French [[economist]]. He started what is known as Lausanne school, or [[Marginalism]] today. He looked at market equlibrium. He started [[general equilibrium theory]]. For this, he looked at [[marginal utility]]: This is the added benefit of consuming another unit of an [[Good (economics)|economic good]]. His thoughts are very important for [[Neoclassical economics]]. In general equilibrium theory, he looked at a scenario, where there are (an unspecified, large) number of households and companies, who act on several [[Market|markets]]: He postulated that what is true in one market, in equilibrium must be true for all of them: There is a system of price determination that has the property that [[supply and demand]] match on all markets. [[Abraham Wald]] could prove this hypothesis only much later. Today, it is part of the [[Arrow–Debreu model]]. {{authority control}} {{bio-stub}} {{DEFAULTSORT:Walras, Leon}} [[Category:1834 births]] [[Category:1910 deaths]] [[Category:French economists]]