The Unreasonable Ineffectiveness of Mathematics in Economics

Velupillai, K. Vela (2004) The Unreasonable Ineffectiveness of Mathematics in Economics. UNSPECIFIED. (Unpublished)

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    In this paper I attempt to show that mathematical economics is unreasonably ineffective. Unreasonable, because the mathematical assumptions are economically unwarranted; ineffective because the mathematical formalizations imply non-constructive and uncomputable structures. A reasonable and effective mathematization of economics entails Diophantine formalisms. These come with natural undecidabilities and uncomputabilites. In the face of this, I conjecture that an economics for the future will be freer to explore experimental methodologies underpinned by alternative mathematical structures. The whole discussion is framed within the context of the celebrated Wignerian theme: The Unreasonable Effectiveness of Mathematics in the Natural Sciences.

    Item Type: Departmental Technical Report
    Department or Research center: Economics
    Subjects: H Social Sciences > HB Economic Theory > HB135 Mathematical economics. Quantitative methods
    Uncontrolled Keywords: General Equilibrium Theory, Computable General Equilibrium, Computable Economics, Constructive Mathematics, Mathematical Economics
    Additional Information: An earlier version of this paper was presented at the CJE Economics for the Future conference held at Cambridge University in September, 2003.
    Report Number: 6
    Repository staff approval on: 07 Oct 2004

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