Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- adjective economics Of or pertaining to the theories of the 19th century French
economist Léon Walras. - adjective economics Relating to a
tatonnement process for achieving exchange equilibrium.
Etymologies
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Examples
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In a libertarian, Walrasian equilibrium, if you have no endowments or human capital to offer, you will die of starvation, and that will be efficient, because helping you would harm somebody else, maybe a very rich insurance company executive.
Cowen Gets Caplanian, Bryan Caplan | EconLog | Library of Economics and Liberty 2009
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But G.E. is theory to economists (I do think that Economics is what economists do, sadly.) -- For those working within the Walrasian framework or on the Nash program, it would be nonsensical to restate the basic issues they try to address within every paper, even in the smallest contributions.
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One area that still seems somewhat wedded to axiomatic general equilibrium theory of the Walrasian sort is macro, especially those pushing the dynamic stochastic general equilibrium approach.
The Math Bubble, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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Prof. Klein, why fail the authors of the paper whose summary is "We show the robustness of the Walrasian result obtained in models of bargaining in pairwise meetings." on the "Theory of What?" point?
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Prof. Klein, why fail the authors of the paper [#15] whose summary is "We show the robustness of the Walrasian result obtained in models of bargaining in pairwise meetings." on the "Theory of What?" point? ...
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After all he pioneered the graphical demand curve, standard monopoly analysis, oligopoly analysis, rudimentary game theory, and arguably Cournot's work is the only work in the pre-Walrasian age which resembles what is now the standard micro core.
Most Influential Economist?, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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The method was partly inspired by the Marxian and Walrasian analysis of general equilibrium via interindustry flows, which in turn were inspired by Quesnay's Tableau Économique (1759).
Leontief, Wassily W. 2009
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The method was partly inspired by the Marxian and Walrasian analysis of general equilibrium via interindustry flows, which in turn were inspired by Quesnay's Tableau Économique (1759).
Leontief, Wassily W. 2009
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Martin Shubik, perhaps the best known and most influential of the game theorists, has been consistently critical of Walrasian general equilibrium theory because it assumes that economic actors have no freedom to make mistakes or even to make choices about the economic process.
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It is also that the metaphysically-based constructs upon which the theory is constructed are the same as those in Walrasian general equilibrium theory and this fact is only thinly disguised by a mathematical formalism that differs in form and content from that used by Walras.
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