Walrasian market-clearing framework

E273018

economic theory framework general equilibrium model

The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.

Try in SPARQL Jump to: Surface forms Statements Referenced by

All labels observed (9)

Label	Occurrences
Walrasian general equilibrium	2
Arrow–Debreu general equilibrium theory	1
Edgeworth conjecture	1
General equilibrium theory	1
Walrasian auctioneer	1
Walrasian equilibrium	1
Walrasian general equilibrium model	1
Walrasian market-clearing framework canonical	1
Walras’s law	1

Statements (48)

Predicate	Object
instanceOf	economic theory framework ⓘ general equilibrium model ⓘ
appliedIn	foundations of DSGE models ⓘ theoretical analysis of competitive markets ⓘ
assumes	complete markets ⓘ flexible prices ⓘ instantaneous price adjustment in theory ⓘ no externalities in basic form ⓘ no individual agent has market power ⓘ no public goods in basic form ⓘ perfect information ⓘ perfectly competitive markets ⓘ price-taking behavior ⓘ profit-maximizing firms ⓘ rational agents ⓘ utility-maximizing consumers ⓘ
contrastsWith	Keynesian business cycle theories ⓘ surface form: Keynesian fixed-price models partial equilibrium analysis ⓘ
coreConcept	market clearing ⓘ perfect competition ⓘ price adjustment ⓘ simultaneous equilibrium in all markets ⓘ tatonnement process ⓘ
criticizedFor	assuming instantaneous market clearing ⓘ ignoring price rigidities ⓘ strong informational assumptions ⓘ
defines	equilibrium as a price vector where all markets clear ⓘ market clearing as equality of supply and demand ⓘ
field	general equilibrium theory ⓘ microeconomics ⓘ
goal	analyze efficiency properties of competitive equilibria ⓘ determine existence of a general equilibrium ⓘ
historicalOrigin	19th century ⓘ
implies	equilibrium allocation is Pareto efficient under standard assumptions ⓘ
influenced	macroeconomic general equilibrium models ⓘ modern microeconomic theory ⓘ welfare economics ⓘ
influencedBy	Éléments d’économie politique pure ⓘ surface form: Léon Walras’s Elements of Pure Economics
mathematicalTool	fixed-point theorems ⓘ topological methods in economics ⓘ
namedAfter	Leon Walras ⓘ surface form: Léon Walras
relatedConcept	Arrow–Debreu model ⓘ competitive equilibrium ⓘ excess demand function ⓘ first welfare theorem ⓘ second fundamental theorem of welfare economics ⓘ surface form: second welfare theorem
uses	price vector as central variable ⓘ system of simultaneous equations for markets ⓘ

How these facts were elicited

The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.

Instruction

You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10.

# Requirements
- If you don't know the subject at all, return an empty list.
- If the subject is not a named entity, return an empty list.
- Include at least one triple where predicate is "instanceOf".
- Do not get too wordy.
- Separate several objects into multiple triples with one object.

Input

Subject: Walrasian market-clearing framework
Description of subject: The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.