Leon Walras

Walras was the first economist to develop a theory of general equilibrium to explain how prices could be determined by the interactions between markets for many different goods. His theory was based upon restrictive assumptions, including perfect competition and did not explain how prices might be determined given the existence of capital goods. Nonetheless his work provided the foundation for later work which extended general equilibrium theory, notably that of Kenneth Arrow and Gerard Debreu[?].

He also developed the marginal theory of value with William Stanley Jevons and Carl Menger and helped to launch the neoclassical revolution[?] in economics.