Mantel-Debreu-Sonnenschein theorem: its consequences for economic theory and its teaching
DOI:
https://doi.org/10.25097/rep.n35.2022.03Keywords:
primer teorema del bienestar, teorema de Mantel-Debreu-Sonnenschein, microeconomía neoclásicaAbstract
This article explains that the teaching of microeconomics can be understood in two components: from the agents and their decision-making to the general equilibrium and the first welfare theorem; and, the limits of the competitive market and the various market failures. It is argued that it is necessary to add a third stage to the teaching of microeconomics, based fundamentally on the Mantel-Debreu-Sonnenschein theorem and its consequences. It is argued that this theorem indicates the limits of neoclassical microeconomics, the need to incorporate institutional elements in macroeconomic analysis, and to mark distances with respect to the structure of the so-called hard sciences.
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