Definition of Walrasian in US English:

Walrasian

adjective

Economics
  • See Walras' law

    • ‘I show, much like Fisher did in the appendix to his 1907 book on the rate of interest, that it can be reduced to a timeless Walrasian model.’
    • ‘He does not view modern finance as being Walrasian, that is, a theory of mutual determination of markets, real and financial.’
    • ‘Schumpeter explicitly credits the equilibrium-based Walrasian system as a scientific foundation for economics.’
    • ‘In the Walrasian perspective, prices adjust and productive capacity is used at the optimal level under the prevailing price conditions (optimising without a demand constraint).’
    • ‘According to Montes, Smith was not a proponent of a mathematical-deductive method and he was certainly not a proponent of an embryonic form of Walrasian general equilibrium theory.’