High Quality Content by WIKIPEDIA articles! 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 (or, conversely, excess market supplies) must sum to zero. That is, ?XD = ?XS = 0. Walras' Law is named for the mathematically inclined economist Leon Walras, who taught at the University of Lausanne, although the concept was expressed earlier but in a less mathematically rigorous fashion by John Stuart Mill in his Essays on Some Unsettled Questions of Political Economy (1844).

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