The Legacy of Léon Walras: Pioneering General Equilibrium Theory

Introduction

This report explores the significant contributions of Léon Walras to economic theory, particularly his pioneering work in general equilibrium theory. Walras, a French economist active in the late 19th century, formulated a framework that aimed to understand the complex interdependencies of various markets within an economy. The purpose of this report is to analyze Walras’s methodology, key concepts, and the lasting impact of his ideas on contemporary economics.

Main Body

Léon Walra