Essays on Some Unsettled Questions of Political Economy
Encyclopedia
Essays on Some Unsettled Questions of Political Economy (1844) is a treatise on political economics by John Stuart Mill
. Walras' law
, a principle in general equilibrium theory
named in honour of Léon Walras
, was first expressed by Mill in this treatise.
John Stuart Mill
John Stuart Mill was a British philosopher, economist and civil servant. An influential contributor to social theory, political theory, and political economy, his conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of...
. Walras' law
Walras' law
Walras’ Law is a principle in general equilibrium theory asserting that when considering any particular market, if all other markets in an economy are in equilibrium, then that specific market must also be in equilibrium. Walras’ Law hinges on the mathematical notion that excess market demands ...
, a principle in general equilibrium theory
General equilibrium
General equilibrium theory is a branch of theoretical economics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium, hence general...
named in honour of Léon Walras
Léon Walras
Marie-Esprit-Léon Walras was a French mathematical economist associated with the creation of the general equilibrium theory.-Life and career:...
, was first expressed by Mill in this treatise.
External links
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