Russell's Paradox and Economics
4 Pages Posted: 2 Sep 2013 Last revised: 4 Oct 2013
Date Written: September 1, 2013
Abstract
Bertrand Russell used a simple paradox to disprove set theory. Thence, set theory has become a secondary tool of mathematics. Economists seem unaware of this incidence and continue to use this tool. This paper also proves that Walras' arbitrator, Nash's umpire, Arrow's dictator, and Arrow-Debreu's general equilibrium are all contradictory. It then reveals that the true meaning of the paradoxes.
Keywords: Set Theory, General Equilibrium, Russell's Paradox
JEL Classification: C01, C68
Suggested Citation: Suggested Citation
Choi, Hak, Russell's Paradox and Economics (September 1, 2013). Available at SSRN: https://ssrn.com/abstract=2319012 or http://dx.doi.org/10.2139/ssrn.2319012
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