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.