Walras's law is a principle in general equilibrium theory asserting that budget constraints imply that the values of excess demand (or, conversely, excess market supplies) must sum to zero regardless of whether the prices are general equilibrium prices. That is: where is the price of good j and and are the demand and supply respectively of good j. Walras's law is named after the economist Léon Walras of the University of Lausanne who formulated the concept in his Elements of Pure Economics of 1874. 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), Walras noted the mathematically equivalent proposition 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. The term "Walras's law" was coined by Oskar Lange to distinguish it from Say's law. Some economic theorists also use the term to refer to the weaker proposition that the total value of excess demands cannot exceed the total value of excess supplies. (Wikipedia).
Understanding the nature of a force as an interaction between objects is critical to success in a Newton's Laws unit. The What is a Force? Video Tutorial clarifies this concept through several examples. The distinction between contact forces and field forces is discussed. Newton's third la
From playlist Newton's Laws Video Tutorial Series
Richard Feynman - The Character of Physical Law - Part4 Symmetry in Physical Law (full version)
Richard Feynman The Character of Physical Law Part4 Symmetry in Physical Law full version
From playlist Feynman's Lectures
Mod-01 Lec-29 Keynesian Revolution: Macroeconomics
History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences, IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Madras: History of Economic Theory | CosmoLearning.org Economics
Financial Theory (ECON 251) Our understanding of the economy will be more tangible and vivid if we can in principle explain all the economic decisions of every agent in the economy. This lecture demonstrates, with two examples, how the theory lets us calculate equilibrium prices and all
From playlist Financial Theory with John Geanakoplos
Roe v. Wade | National Constitution Center | Khan Academy
Keep going! Check out the next lesson and practice what you’re learning: https://www.khanacademy.org/humanities/us-government-and-civics/us-gov-civil-liberties-and-civil-rights/us-gov-due-process-and-the-right-to-privacy/a/lesson-summary-due-process-and-the-right-to-privacy A deep dive in
From playlist The Constitution, Bill of Rights, and Landmark Supreme Court Cases
Mod-01 Lec-21 Equilibrium of the market: from Say to Walras
History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Madras: History of Economic Theory | CosmoLearning.org Economics
Newton's Universal Law of Gravitation (8.1-8.3)
In this video, I write down Newton's universal law of gravitation, prove that it is conservative, and derive the potential energy associated with it.
From playlist Intermediate Classical Mechanics
Pierre-Charles Pradier: Were the foundations of measurement without theory laid in the 1920s?
Cournot Centre session devoted to the transformations that took place in mathematical economics during the interwar period. Abstract: In his 1947 essay, Tjalling Koopmans criticized the development of an empirical science that had no theoretical basis, what he referred to as measurement w
From playlist History of Mathematics
Can Complexity Theory Ratify the Invisible Hand of the Market? - Vijay Vazirani
Vijay Vazirani Georgia Institute of Technology April 19, 2010 *It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard for their own interest. Each participant in a competitive economy is led by an invisible hand to promote
From playlist Mathematics
Mod-01 Lec-35 The social construction of knowledge: Case of Economics
History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Madras: History of Economic Theory | CosmoLearning.org Economics
Teach Astronomy - Universal Law of Gravity
http://www.teachastronomy.com/ Newton's master work is the universal law of gravity. Newton's law of gravity states that every object in the universe, every particle, every planet, every star, every galaxy, attracts each other with a force that is proportional to each of the masses of two
From playlist 03. Concepts and History of Astronomy and Physics
Describing the common laws of limits. Knowing these will greatly simplify your calculations of limits.
From playlist Life Science Math: Limits in calculus
Darij Grinberg -Quotients of Symmetric Polynomial Rings Deforming theCohomology of the Grassmannian
One of the many connections between Grassmannians and combinatorics is cohomological: The cohomology ring of a Grassmannian Gr(k,n) is a quotient of the ring S of symmetric polynomials in k variables. More precisely, it is the quotient of S by the ideal generated by the k consecutive compl
From playlist Combinatorics and Arithmetic for Physics: 02-03 December 2020
Chapter 3 - Laws of Exponents - IB Math Studies (Math SL)
Hello and welcome to What The Math. This is a Chapter 3 video about laws of exponents and exponent operations. This is a part of Chapter 3 from Harris Publication version of IB math book by Haese.
From playlist IB Math Studies Chapter 3
Mod-01 Lec-22 More on Equilibrium: Cournot, Dupuit, Gossen, von Thunen
History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Madras: History of Economic Theory | CosmoLearning.org Economics
Mod-01 Lec-25 Marx as an ideologue of revolution
History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in
From playlist IIT Madras: History of Economic Theory | CosmoLearning.org Economics
From playlist Level 2 NCEA Physics
2. Utilities, Endowments, and Equilibrium
Financial Theory (ECON 251) This lecture explains what an economic model is, and why it allows for counterfactual reasoning and often yields paradoxical conclusions. Typically, equilibrium is defined as the solution to a system of simultaneous equations. The most important economic mode
From playlist Financial Theory with John Geanakoplos
Physics - Mechanics: Gravity (1 of 20) Newton's Law of Gravity
Visit http://ilectureonline.com for more math and science lectures! In this video I will explain Newton's Law of Gravity and give an example of how it works.
From playlist PHYSICS 18 GRAVITY