Theory of Value

An Axiomatic Analysis of Economic Equilibrium

Gerard Debreu

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September 10, 1972
128 pages, 5 x 8
ISBN: 9780300015591

The contribution of this short book consists in a rigorous, axiomatic, and formal analysis of producer behavior, consumer behavior, general equilibrium, and the optimality of the market mechanism for resource allocation.
"There can be no doubt that it is an important landmark of economic theory."—F.H. Hahn.

"Debreu's Theory of Value, is the classic exposition of the Walrasian model of economic equilibrium. Written with a marvelous elegance, clarity and completeness, the volume has retained its fundamental importance in the classroom and as an introduction to research in a remarkably large number of applications."—Herbert Scarf, Yale University  

"Debreu's terse, elegant, and profound book synthesized and systematized the rigorous development of basic economic theory by Samuelson, Hicks, Allais, myself, and Debreu himself. All the strands were brought together to form a coherent whole. Every page requires study, but after all there are very few pages; nothing essential in the theory of general equilibrium is omitted. It is a work of integrity and beauty such as we hardly ever seen."—Kenneth J. Arrow, Stanford University 


"Gerard Debreu's Theory of Value is an immortal classic of twentieth century economics. Every economist should own a copy."—Robert Lucas, University of Chicago

"[This] beautiful and austere book . . . [is] an important landmark of economic theory."—F.H. Hahn, Journal of Political Economy

"Deserves the highest praise. The contribution consists in a rigorous, axiomatic, and formalistic analysis of the nature of producer behavior, of consumer behavior, or general equilibrium, and of an economic optimum."—Journal of the American Statistical Association

Winner of the Nobel Prize in Economics in 1983 for his contribution to the field
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Third Edition
Third Edition

Kenneth J. Arrow; Foreword by Eric S. Maskin

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