Leon Walras

Leon Walras was an influential economist who developed the theory of general equilibrium, which explains how supply and demand in multiple markets are interconnected and adjust simultaneously to reach a balanced state. He introduced the concept of the "tâtonnement," a process describing how prices naturally move toward equilibrium through auction-like adjustments until markets clear. Walras’s work provides a foundational framework for understanding how economies function holistically, emphasizing the importance of price signals and interdependent markets in achieving an optimal distribution of resources within an economy.