Gerard Debreu (4 July 1921 – 31 December 2004) was a renowned economist and mathematician, known for his groundbreaking work in general equilibrium theory.
Life and Career
He was born on 4 July 1921, in Calais, France. He showed early promise in mathematics and pursued his passion by enrolling at the Ecole Normale Supérieure in Paris in 1941. However, World War II disrupted his studies, and he had to join the French army. After the war, he resumed his education and completed his Ph.D. in mathematics at the University of Paris in 1950.
His most significant contributions were in the field of general equilibrium theory, which seeks to understand the simultaneous interactions of supply and demand in an entire economy. In 1954, he published his groundbreaking paper “Representation of a Preference Ordering by a Numerical Function,” which laid the foundation for his later work.
In 1959, Debreu published his seminal book “Theory of Value: An Axiomatic Analysis of Economic Equilibrium,” where he introduced the concept of a general equilibrium model based on the theory of convex sets. His work provided rigorous mathematical foundations for the understanding of market interactions and became a cornerstone in modern economic theory.
He passed away on 31 December 2004, in Paris, France.
Award and Legacy
In 1983, he was awarded the Nobel Memorial Prize in Economic Sciences.
His work had a profound impact on the field of economics, significantly shaping the way economists analyze and model markets. His development of mathematical tools and rigorous axioms provided a strong basis for future researchers in the field. Debreu’s contributions remain central to the study of microeconomics and general equilibrium analysis, and his insights continue to be applied in economic research and policymaking.