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gptkbp:instance_of
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gptkb:economic_analysis
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gptkbp:can_be_expressed_mathematically_as
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sum of excess demand equals zero
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gptkbp:concept
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international trade
labor markets
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gptkbp:describes
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general equilibrium in economics
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gptkbp:developed_by
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gptkb:19th_century
the demand and supply curves
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https://www.w3.org/2000/01/rdf-schema#label
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Walras' law
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gptkbp:illustrated_by
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supply and demand graphs
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gptkbp:implies_that
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if one market is in equilibrium, all markets are in equilibrium
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gptkbp:is_a_concept_that_assumes
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rational behavior of consumers
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gptkbp:is_a_concept_that_can_be_challenged_by
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real-world market imperfections
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gptkbp:is_a_concept_that_can_be_related_to
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the law of supply and demand
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gptkbp:is_a_concept_that_can_be_used_to_evaluate
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economic policies.
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gptkbp:is_a_concept_that_can_be_used_to_explain
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price fluctuations
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gptkbp:is_a_concept_that_has_evolved_through
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economic thought
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gptkbp:is_a_concept_that_is_often_explored_in
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economic literature
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gptkbp:is_a_concept_that_is_relevant_for
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economic forecasting
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gptkbp:is_a_foundation_for
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gptkb:economic_analysis
economic equilibrium
the theory of general equilibrium
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gptkbp:is_a_framework_for
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price determination
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gptkbp:is_a_key_assumption_in
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Walrasian models
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gptkbp:is_a_principle_that_applies_to
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all markets
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gptkbp:is_a_principle_that_can_be_illustrated_through
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case studies
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gptkbp:is_a_principle_that_can_be_used_to_assess
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market efficiency
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gptkbp:is_a_principle_that_can_be_used_to_evaluate
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welfare economics
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gptkbp:is_a_principle_that_is_essential_for_understanding
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economic stability
economic interactions
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gptkbp:is_a_principle_that_is_important_for_understanding
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economic cycles
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gptkbp:is_a_principle_that_is_often_discussed_in_relation_to
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market equilibrium conditions
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gptkbp:is_a_theory_that_assumes
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perfect information among participants
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gptkbp:is_a_theory_that_can_be_applied_to
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public goods
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gptkbp:is_a_theory_that_can_be_critiqued_for
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its assumptions about rationality
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gptkbp:is_a_theory_that_can_be_tested_through
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empirical research
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gptkbp:is_a_theory_that_can_be_used_to_analyze
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consumer behavior
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gptkbp:is_a_theory_that_has_influenced
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modern economic policies
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gptkbp:is_a_theory_that_is_foundational_for
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the study of market structures
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gptkbp:is_analyzed_in
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supply and demand
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gptkbp:is_applicable_to
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perfect competition
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gptkbp:is_associated_with
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Pareto efficiency
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gptkbp:is_cited_in
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market dynamics
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gptkbp:is_described_as
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price stability
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gptkbp:is_essential_for
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resource allocation
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gptkbp:is_fundamental_to
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microeconomics
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gptkbp:is_influenced_by
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price controls
government intervention in markets
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gptkbp:is_often_associated_with
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the concept of excess demand
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gptkbp:is_often_discussed_in
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market failures
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gptkbp:is_often_used_to_analyze
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policy impacts on markets
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gptkbp:is_part_of
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Walrasian economics
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gptkbp:is_related_to
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market clearing
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gptkbp:is_related_to_the_idea_of
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market efficiency
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gptkbp:is_used_in
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economic modeling
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gptkbp:legal_principle
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gptkb:neoclassical_economics
financial markets
|
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gptkbp:named_after
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gptkb:Léon_Walras
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gptkbp:state
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the total value of goods demanded equals the total value of goods supplied
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gptkbp:bfsParent
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gptkb:Léon_Walras
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gptkbp:bfsLayer
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5
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