The modern treatment of general equilibrium was pioneered by:

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Kenneth Arrow and Gerard Debreu are considered the pioneers of modern general equilibrium theory. In 1954, they published their seminal paper "Existence of an equilibrium for a competitive economy," which laid out the mathematical foundations of the theory. While Leon Walras made significant contributions to the development of general equilibrium theory over a century ago, his work was based on verbal arguments rather than the axiomatic approach that Arrow and Debreu used. John Nash is known for his work on game theory, which is a related but distinct field from general equilibrium theory.

The Modern Treatment of General Equilibrium Was Pioneered By