| 释义 |
Walras's Law The proposition that in an economy with N markets, if supply equals demand in N - 1 of them, it must also do so in the Nth. This implies that in considering general equilibrium, it is legitimate to ignore one market. In the IS-LM model, for example, Walras's Law justifies ignoring the bond market, since if the supply and demand for both goods and money are equal, the supply and demand for bonds must also be equal. |