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The proof of Arrow 1951 and Debreu 1951 separately,
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so this is called the Fundamental Theorem of
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so this is called the Fundamental Theorem of
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Economics, First Welfare Theorem of Economics.
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Economics, First Welfare Theorem of Economics.
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So all this pictorial stuff makes so many assumptions,
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So all this pictorial stuff makes so many assumptions,
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there are only two kinds of traders, there are only two goods.
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there are only two kinds of traders, there are only two goods.
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They are consuming only on the boundaries.
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They are consuming only on the boundaries.
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I mean, they're never consuming on the boundaries it's always in