▁ ▁T â ton nement ▁( rough ly , ▁French ▁for ▁g rop ing ▁toward ) ▁was ▁meant ▁to ▁serve ▁as ▁the ▁practical ▁expression ▁of ▁Wal ras ian ▁general ▁equilibrium . ▁ ▁Wal ras ▁abstract ed ▁the ▁market place ▁as ▁an ▁au ction ▁of ▁goods ▁where ▁the ▁au ction e er ▁would ▁call ▁out ▁prices ▁and ▁market ▁participants ▁would ▁wait ▁until ▁they ▁could ▁each ▁satisfy ▁their ▁personal ▁res ervation ▁prices ▁for ▁the ▁quantity ▁desired ▁( rem ember ing ▁here ▁that ▁this ▁is ▁an ▁au ction ▁on ▁all ▁goods , ▁so ▁everyone ▁has ▁a ▁res ervation ▁price ▁for ▁their ▁desired ▁basket ▁of ▁goods ). ▁ ▁Only ▁when ▁all ▁buy ers ▁are ▁satisfied ▁with ▁the ▁given ▁market ▁price ▁would ▁transactions ▁occur . ▁ ▁The ▁market ▁would ▁" clear " ▁at ▁that ▁price — no ▁sur plus ▁or ▁short age ▁would ▁exist . ▁ ▁The ▁word ▁t â ton nement ▁is ▁used ▁to ▁describe ▁the ▁directions ▁the ▁market ▁takes ▁in ▁g rop ing ▁toward ▁equilibrium , ▁sett ling ▁high ▁or ▁low ▁prices ▁on ▁different ▁goods ▁until ▁a ▁price ▁is ▁agreed ▁upon ▁for ▁all ▁goods . ▁ ▁While ▁the ▁process ▁appears ▁dynamic , ▁Wal ras ▁only ▁presented ▁a ▁static ▁model , ▁as ▁no ▁transactions ▁would ▁occur ▁until ▁all ▁mark ets ▁were ▁in ▁equilibrium . ▁ ▁In ▁practice ▁very ▁few ▁mark ets ▁operate ▁in ▁this ▁manner . ▁ ▁Francis ▁Y s id ro ▁Ed gew orth ▁Ed gew orth ▁introduced ▁mathematical ▁elements ▁to ▁Econom ics ▁explicitly ▁in ▁Mathemat ical ▁Psych ics : ▁An ▁Ess ay ▁on ▁the ▁Application