Léon Walras

Léon Walras was a French economist best known for developing the theory of general equilibrium, which explains how supply and demand in all markets of an economy interact simultaneously to determine prices and allocate resources efficiently. He introduced the idea that markets reach a state of balance when all economic agents' plans are mutually compatible, akin to a complex jigsaw puzzle settling into a stable configuration. His work laid the foundation for modern microeconomics, emphasizing that individual choices and prices are interconnected within the entire economic system.