Debreu, Gerard << duh BROO, zhay RAHR >> (1921-2004), a French-born American economist, developed a mathematical model that showed the importance of prices in producing equilibrium (balance) in an economy. Debreu made important contributions to several areas of mathematical economic theory. He devised a general theory of equilibrium and developed some statistical methods that helped to support the theory. For this work, Debreu was awarded the Nobel Prize in economic sciences in 1983.
Debreu was born in Calais, France, on July 4, 1921. He studied mathematics at the École Normale Supérieure in Paris, but World War II (1939-1945) interrupted his studies. After the war, Debreu worked at the Centre National de la Recherche Scientifique (National Center for Scientific Research) in Paris. He finished his mathematics degree and began to study economics, receiving his Ph.D. from the University of Paris in 1956. In the 1950’s, he decided to settle in the United States. He became a research associate of the Cowles Commission for Research in Economics at Yale University. The Cowles Commission (now Foundation) is a research center that laid the basis for modern econometrics (applying statistical techniques to economic theory). His book Theory of Value (1959) is considered a classic in the field. In 1962, Debreu joined the staff of the University of California at Berkeley, where he taught for more than 30 years. He became a United States citizen in 1975. He died in Paris on Dec. 31, 2004.
See also Econometrics; Economics.
