Top Qs
Timeline
Chat
Perspective
Walrasian
From Wiktionary, the free dictionary
Remove ads
English
Etymology
From Walras + -ian.
Adjective
Walrasian (comparative more Walrasian, superlative most Walrasian)
- (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
- 1970, Edmund S. Phelps, “Introduction: The New Microeconomics in Employment and Inflation Theory”, in Edmund S. Phelps, editor, Microeconomic Foundations of Employment and Inflation Theory, New York: W. W. Norton & Company Inc., page 6 of 1-23:
- The economy is thus in a kind of non-Walrasian equilibrium in which wage rates are correctly guessed. But they are never truly known as in the Walrasian world; a change of some island’s wage would not be immediately learned.
Derived terms
- non-Walrasian
Related terms
- Walras' law
Remove ads
Wikiwand - on
Seamless Wikipedia browsing. On steroids.
Remove ads