Abstract

PEREZ-OVIEDO, Wilson. Mantel-Debreu-Sonnenschein theorem: its consequences for economic theory and its teaching. Revista Economía y Política [online]. 2022, n.35, pp.36-54.  Epub 31, 2022. ISSN 2477-9075.

This article explains that we can understand the teaching of microeconomics in two components, the first is from the agents and their decision-making to the general equilibrium and the first welfare theorem, and the second, from the limits of the competitive market and the various market failures. It is necessary to add a third stage to the teaching of microeconomics, based fundamentally on the Mantel-Debreu-Sonnenschein theorem and its consequences. This theorem indicates the limits of neoclassical microeconomics, the need to incorporate institutional elements in macroeconomic analysis, and mark distances concerning the structure of the so-called hard sciences.

Keywords : microeconomics; general equilibrium; first welfare theorem; Mantel-Debreu-Sonnenschein.

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