“For a private ownership economy, the first theorem of welfare economics states that, under certain assumptions, an equilibrium of prices and production and consumption plans is a Pareto optimum.”

About Gérard Debreu

Economist • French

Gérard Debreu was a French-born economist and mathematician who later became a naturalized citizen of the United States. He is best known for his groundbreaking work in general equilibrium theory, which rigorously...