In economics, Walras' Law is a law formulated by Leon Walras, that the value of goods demanded in an economy is equal to the value of goods sold. This follows from the simple idea that for each individual, income equals expenditure (including borrowing and saving). This is an important step in proving the existence of a perfectly competitive equilibrium, which is Pareto efficient in general equilibrium theory. Research Walras' Law
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Research Walras' Law
