Question : "The General Equilibrium Analysis" was developed by:
Option 1: Alfred Marshall
Option 2: David Ricardo
Option 3: Marie-Esprit-Léon Walras
Option 4: Adam Smith
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Correct Answer: Marie-Esprit-Léon Walras
Solution : The correct answer is Marie-Esprit-Léon Walras .
Marie-Esprit-Léon Walras , a French economist, invented the general equilibrium analysis. He is regarded as a forefather of general equilibrium theory. In his late-nineteenth-century work ' Elements of Pure Economics' , Léon Walras proposed the notion of a general equilibrium system. General equilibrium theory investigates the interdependence and interconnections of many markets of the economy to understand how prices and quantities are decided concurrently across all markets, leading to a state of equilibrium.
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