A Rigorous Proof of the Index Theorem for Economists

Abstract

This paper provides a rigorous and gap-free proof of the index theorem used in the theory of regular economy. In the index theorem that is the subject of this paper, the assumptions for the excess demand function are only several usual assumptions and continuous differentiability around any equilibrium price, and thus it has a form that is applicable to many economies. However, the textbooks on this theme contain only abbreviated proofs, and no known monograph contains a rigorous proof of this theorem. Hence, the purpose of this paper is to make this theorem available to more economists by constructing a readable proof.