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2017, vol. 63, iss. 1, pp. 111-120
Certain flaws of Gerard Debreu's theory of value and it's implications
Andrzej Frycz Modrzewski Krakow University, Krakow, Poland
Keywords: service; commodity; Gerard Debreu; theory of economic equilibrium
Since it's advent in 1959 the theory of value formulated by Gerard Debreu in his work titled 'Theory of Value. An Axiomatic Analysis of Economic Equilibrium', that gave him the Prize of the Bank of Sweden in Economics in 1983, mathematical economics which pretends to be considered the purest of scientific theories of economic equilibrium, gained a new incentive to expand. The aim of the article is to demonstrate some weak points of the Debreu model which allow to challenge its economic validity due to misinterpreting the economic content of variables used in his model of economy After a critical analysis of inconsistencies of the arguments and of semantic errors of the applied terms, conclusions concerning the theory of equilibrium are presented.
Debreu, G. (1987) Theory of Value: An Axiomatic Analysis of Economic Equilibrium. New Haven-London: Yale University Press


article language: English
document type: Preliminary Report
DOI: 10.5937/ekonomika1701111S
published in SCIndeks: 13/04/2017

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