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As per this law, ‘the total value of goods demanded in an economy is always idntically equal to the total value of goods supplied’. For this to happen the economy should be in equilibirium. It also means that if there is an excess supply of certain things in one market there must be excess demand for it in an another market. Here ‘another market’ does not mean the market of an another economy—it is taken as, apple’s market, grape’s market (as ‘seperate’ markets). This could be only correct in a barter eoconomy (it does not work in an economy with currency as its mode of exchnage).
The idea was part of the ‘general equilibirium theory’ developed by the French mathematical economist Marie-Esprit-Leon Walras (1834-1910), after whom it is named.