Properties (58)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
economic theory
|
| gptkbp:appliesTo |
perfect competition
|
| gptkbp:associated_with |
Walrasian_equilibrium
|
| gptkbp:concept |
the 19th century
|
| gptkbp:criticalReception |
economic stability
|
| gptkbp:criticism |
its assumptions about market behavior
|
| gptkbp:description |
general equilibrium in economics
|
| gptkbp:has_implications_for |
welfare economics
|
| https://www.w3.org/2000/01/rdf-schema#label |
Walras' law
|
| gptkbp:influenced |
public policy decisions
|
| gptkbp:is_a_document_that |
all markets must clear simultaneously
|
| gptkbp:is_a_key_component_of |
the_Arrow-Debreu_model
|
| gptkbp:is_a_model_for |
perfect information among agents
|
| gptkbp:is_a_platform_for |
market analysis
market efficiency neoclassical economics understanding economic cycles |
| gptkbp:is_a_subject_of |
international trade
economic theory microeconomics economic modeling price theory debated among economists expanded upon by later economists integrated into various economic models tested empirically |
| gptkbp:is_a_tool_for |
economic equilibrium
|
| gptkbp:is_essential_for |
economic forecasting
competitive markets |
| gptkbp:is_evaluated_by |
a system of equations
|
| gptkbp:is_featured_in |
supply and demand curves
|
| gptkbp:is_linked_to |
the concept of utility maximization
|
| gptkbp:is_popular_among |
economic textbooks
|
| gptkbp:is_referenced_in |
academic literature
|
| gptkbp:is_studied_in |
supply and demand
|
| gptkbp:is_used_in |
economic policy
Pareto efficiency market failures price formation the law of supply and demand |
| gptkbp:isUsedFor |
the demand function
|
| gptkbp:legal_principle |
consumer behavior
resource allocation labor markets real-world markets general equilibrium theory various economic systems evaluate market performance government regulation of markets justify market interventions rational behavior of consumers the impact of taxation on markets |
| gptkbp:previousName |
gptkb:Léon_Walras
|
| gptkbp:related_to |
market dynamics
market clearing |
| gptkbp:relatedApplication |
financial markets
monetary policy. |
| gptkbp:state |
the total value of goods demanded equals the total value of goods supplied
|