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Gérard Debreu - L. Walras first formulated the state...
L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market. (Gérard Debreu)

L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market.

Gérard Debreu

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condition demand equal equilibrium goods market point solution state supply system time representing

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