inal ists . ▁ ▁Cour not ' s ▁models ▁of ▁du opol y ▁and ▁O lig opol y ▁also ▁represent ▁one ▁of ▁the ▁first ▁form ulations ▁of ▁non - co oper ative ▁games . ▁ ▁Today ▁the ▁solution ▁can ▁be ▁given ▁as ▁a ▁Nash ▁equilibrium ▁but ▁Cour not ' s ▁work ▁preced ed ▁modern ▁game ▁theory ▁by ▁over ▁ 1 0 0 ▁years . ▁ ▁Lé on ▁Wal ras ▁While ▁Cour not ▁provided ▁a ▁solution ▁for ▁what ▁would ▁later ▁be ▁called ▁partial ▁equilibrium , ▁Lé on ▁Wal ras ▁attempted ▁to ▁formal ize ▁discussion ▁of ▁the ▁economy ▁as ▁a ▁whole ▁through ▁a ▁theory ▁of ▁general ▁compet itive ▁equilibrium . ▁ ▁The ▁behavior ▁of ▁every ▁economic ▁actor ▁would ▁be ▁considered ▁on ▁both ▁the ▁production ▁and ▁consumption ▁side . ▁ ▁Wal ras ▁originally ▁presented ▁four ▁separate ▁models ▁of ▁exchange , ▁each ▁recurs ively ▁included ▁in ▁the ▁next . ▁ ▁The ▁solution ▁of ▁the ▁resulting ▁system ▁of ▁equations ▁( both ▁linear ▁and ▁non - linear ) ▁is ▁the ▁general ▁equilibrium . ▁ ▁At ▁the ▁time , ▁no ▁general ▁solution ▁could ▁be ▁expressed ▁for ▁a ▁system ▁of ▁arbitr arily ▁many ▁equations , ▁but ▁Wal ras ' s ▁attempts ▁produced ▁two ▁famous ▁results ▁in ▁econom ics . ▁ ▁The ▁first ▁is ▁Wal ras ' ▁law ▁and ▁the ▁second ▁is ▁the ▁principle ▁of ▁t â ton nement . ▁ ▁Wal ras ' ▁method ▁was ▁considered ▁highly ▁mathematical ▁for ▁the ▁time ▁and ▁Ed gew orth ▁commented ▁at ▁length ▁about ▁this ▁fact ▁in ▁his ▁review ▁of ▁É lé ments ▁d ' é