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Walras’s law of markets as special case of the general Triangle Theorem: a laconic proof

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  • Kakarot-Handtke, Egmont

Abstract

From the set of the first three structural axioms follows the - economic - triangle theorem. It asserts that the product of the three key ratios, which characterize the firm, the market outcome, and the income distribution, is always equal to unity. The theorem contains only unit-free variables, is testable in principle, and involves no behavioral assumptions. The differentiated triangle theorem applies to an arbitrary number of firms. Therefrom Walras’s Law can be derived without recourse to demand and supply functions or the notion of equilibrium.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44547.

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Date of creation: 22 Feb 2013
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Handle: RePEc:pra:mprapa:44547

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Keywords: new framework of concepts; structure-centric; axiom set; market clearing; commodity market; labor market; full employment; wage rate flexibility;

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  1. Egmont Kakarot-Handtke, 2012. "Primary and Secondary Markets," Economics Working Paper Archive wp_741, Levy Economics Institute, The.
  2. Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
  3. Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
  4. Buiter, Willem H, 1980. "Walras' Law and All That: Budget Constraints and Balance Sheet Constraints in Period Models and Continuous Time Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 1-16, February.
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Cited by:
  1. Kakarot-Handtke, Egmont, 2013. "Toolism! A Critique of Econophysics," MPRA Paper 46630, University Library of Munich, Germany.

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