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Russell's Paradox
The importance of this event was due to Bertrand Russell challenging German mathematician Gottlob Ferge's axiomatic system. Ferge had theorized that all sets could satisfy a given formula. However, Russell's counter argument was questioning how a set could be a member of itself, while also not being a member of itself simultaneously. This created his paradox, and essentially contradicted Ferge's axiom. -
Russell develop's his Theory of Descriptions
The significance of this theory is that it touches on multiple areas. Russell's analysis on descriptions touches on the areas of metaphysics, semantics, psychology, logic, epistemology, and linguistics.