Who gave the 'General Equilibrium Theory'?

Question

YESPYQ · Accepted Answer

Correct answer: b) Leon Walras. ‘General Equilibrium Theory’ was formulated by Leon Walras. It is also known as Walrasian Theory. He discussed General Equilibrium Theory in his book ‘ Elements of Pure Economics’. It describes the workings of the macroeconomy as a whole in place of assets of individual market anomalies. It also explains that the interaction of demand and supply results in an overall general equilibrium. This theory assumes a gap between actual and equilibrium prices. Adam Smith is known as the Father of Economics. and he is famous for his book ‘Wealth of Nations’. Hence, the correct answer is “Leon Walras”.

Who gave the 'General Equilibrium Theory'?

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