Walrasian market-clearing framework
E273018
The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.
All labels observed (9)
How this entity was disambiguated
This entity first appeared as the object of triple T2509138 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Walrasian market-clearing framework Context triple: [New Classical macroeconomics, basedOn, Walrasian market-clearing framework]
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A.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
-
B.
Hicks–Kaldor compensation criterion
The Hicks–Kaldor compensation criterion is an economic efficiency test stating that a policy change is desirable if those who gain could in principle compensate those who lose and still be better off, regardless of whether compensation actually occurs.
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C.
Three Essays on the State of Economic Science
Three Essays on the State of Economic Science is a seminal collection of essays by economist Tjalling C. Koopmans that helped shape modern econometric and economic theory through its rigorous analysis of scientific methodology in economics.
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D.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
-
E.
“Propagation Problems and Impulse Problems in Dynamic Economics”
“Propagation Problems and Impulse Problems in Dynamic Economics” is a seminal paper by Ragnar Frisch that laid the foundations of modern business cycle theory by distinguishing between the driving shocks to the economy and the mechanisms that propagate them over time.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Walrasian market-clearing framework Target entity description: The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.
-
A.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
-
B.
Hicks–Kaldor compensation criterion
The Hicks–Kaldor compensation criterion is an economic efficiency test stating that a policy change is desirable if those who gain could in principle compensate those who lose and still be better off, regardless of whether compensation actually occurs.
-
C.
Three Essays on the State of Economic Science
Three Essays on the State of Economic Science is a seminal collection of essays by economist Tjalling C. Koopmans that helped shape modern econometric and economic theory through its rigorous analysis of scientific methodology in economics.
-
D.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
-
E.
“Propagation Problems and Impulse Problems in Dynamic Economics”
“Propagation Problems and Impulse Problems in Dynamic Economics” is a seminal paper by Ragnar Frisch that laid the foundations of modern business cycle theory by distinguishing between the driving shocks to the economy and the mechanisms that propagate them over time.
- F. None of above. chosen
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
economic theory framework
ⓘ
general equilibrium model ⓘ |
| appliedIn |
foundations of DSGE models
ⓘ
theoretical analysis of competitive markets ⓘ |
| assumes |
complete markets
ⓘ
flexible prices ⓘ instantaneous price adjustment in theory ⓘ no externalities in basic form ⓘ no individual agent has market power ⓘ no public goods in basic form ⓘ perfect information ⓘ perfectly competitive markets ⓘ price-taking behavior ⓘ profit-maximizing firms ⓘ rational agents ⓘ utility-maximizing consumers ⓘ |
| contrastsWith |
Keynesian business cycle theories
ⓘ
surface form:
Keynesian fixed-price models
partial equilibrium analysis ⓘ |
| coreConcept |
market clearing
ⓘ
perfect competition ⓘ price adjustment ⓘ simultaneous equilibrium in all markets ⓘ tatonnement process ⓘ |
| criticizedFor |
assuming instantaneous market clearing
ⓘ
ignoring price rigidities ⓘ strong informational assumptions ⓘ |
| defines |
equilibrium as a price vector where all markets clear
ⓘ
market clearing as equality of supply and demand ⓘ |
| field |
general equilibrium theory
ⓘ
microeconomics ⓘ |
| goal |
analyze efficiency properties of competitive equilibria
ⓘ
determine existence of a general equilibrium ⓘ |
| historicalOrigin | 19th century ⓘ |
| implies | equilibrium allocation is Pareto efficient under standard assumptions ⓘ |
| influenced |
macroeconomic general equilibrium models
ⓘ
modern microeconomic theory ⓘ welfare economics ⓘ |
| influencedBy |
Éléments d’économie politique pure
ⓘ
surface form:
Léon Walras’s Elements of Pure Economics
|
| mathematicalTool |
fixed-point theorems
ⓘ
topological methods in economics ⓘ |
| namedAfter |
Leon Walras
ⓘ
surface form:
Léon Walras
|
| relatedConcept |
Arrow–Debreu model
ⓘ
competitive equilibrium ⓘ excess demand function ⓘ first welfare theorem ⓘ second fundamental theorem of welfare economics ⓘ
surface form:
second welfare theorem
|
| uses |
price vector as central variable
ⓘ
system of simultaneous equations for markets ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Walrasian market-clearing framework Description of subject: The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.
Referenced by (10)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Léon Walras
this entity surface form:
Walrasian general equilibrium
subject surface form:
Léon Walras
this entity surface form:
Walrasian general equilibrium model
subject surface form:
Léon Walras
this entity surface form:
Walrasian equilibrium
subject surface form:
Léon Walras
this entity surface form:
Walrasian auctioneer
subject surface form:
Léon Walras
this entity surface form:
Walras’s law
this entity surface form:
General equilibrium theory
this entity surface form:
Arrow–Debreu general equilibrium theory
this entity surface form:
Edgeworth conjecture
this entity surface form:
Walrasian general equilibrium