Economics, Econometrics and Finance
8 years ago

Modern Economic Theory Misinterprets Walras' Law, Disconnecting from Real Economics

World Review of Political Economy
Is “Walras' Law” Really Walras's Original Law?
Ezra Davar

Paper Summary

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The article discusses how the commonly known "Walras' Law" in economics is actually different from the original laws proposed by Walras himself. These two versions of the law are not connected to real economics, but they have replaced Walras's original laws. Walras's original laws are more in line with a hypothetical scenario of perfect free competition.