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Formalism, Logic and Reality: A Keynesian Analysis

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  • Chick, Victoria
  • Dow, Sheila C

Abstract

It is the purpose of this paper to elaborate on the argument that formalism is non-neutral; analyses which today would be described as informal turn into something quite different when formalised. The reasons for non-neutrality refer to the choice of assumptions or axioms, the choice of method, the type of logic employed and closure. Focusing on the last three of these, the paper addresses the question of how to move from results obtained with formal methods under conditions of closure to the reality one is attempting to model. We explore the need for provisional closure to analyse open systems and for a range of methods to complement formal modelling in the attempt to understand the complex reality of an economic system. Copyright 2001 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 25 (2001)
Issue (Month): 6 (November)
Pages: 705-21

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Handle: RePEc:oup:cambje:v:25:y:2001:i:6:p:705-21

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Cited by:
  1. Kakarot-Handtke, Egmont, 2011. "Qualitative and temporal aggregation," MPRA Paper 33345, University Library of Munich, Germany.
  2. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
  3. José Corpataux & Olivier Crevoisier, 2007. "Economic theories and spatial transformations clarifying the space-time premises and outcomes of economic theories," Journal of Economic Geography, Oxford University Press, vol. 7(3), pages 285-309, May.
  4. Kakarot-Handtke, Egmont, 2011. "Geometrical exposition of structural axiomatic economics (II): qualitative and temporal aggregation," MPRA Paper 43725, University Library of Munich, Germany.
  5. Sheila C Dow, 2012. "Different Approaches to the Financial Crisis," Economic Thought, World Economics Association, vol. 1(1), pages 5, July.
  6. Najeb Masoud & Glenn Hardaker, 2012. "The impact of financial development on economic growth: Empirical analysis of emerging market countries," Studies in Economics and Finance, Emerald Group Publishing, vol. 29(3), pages 148-173, August.
  7. Alberto ZAZZARO, 2002. "How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit," Working Papers 163, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  8. Miguel A. Durán, 2005. "Mathematical needs and economic interpretations," ThE Papers 05/07, Department of Economic Theory and Economic History of the University of Granada..
  9. Cabelli, Anna & Cedrini, Mario, 2013. "Keynes's General Theory, Treatise on Money, and Tract on Monetary Reform: Different Theories, Same Methodological Approach?," CESMEP Working Papers 201302, University of Turin.
  10. Peter Skott, 2012. "Pluralism, the Lucas critique, and the integration of macro and micro," UMASS Amherst Economics Working Papers 2012-04, University of Massachusetts Amherst, Department of Economics.
  11. Ravenscroft, Sue & Williams, Paul F., 2009. "Making imaginary worlds real: The case of expensing employee stock options," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 770-786, August.
  12. Paolo Ramazzotti, 2010. "The "solitude of the reformist" Public Policy and Value Judgments in the Work of Federico Caffè," Working Papers 63-2010, Macerata University, Department of Finance and Economic Sciences, revised Dec 2010.
  13. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Study Group (PKSG), number nggt.
  14. Anna M. Carabelli & Mario A. Cedrini, 2011. " Chapter 18 of the General Theory “Further Analysed”: The Theory of Economics as A Method," Working Papers 128, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
  15. Giuseppe Fontana, 2006. "“Mr Keynes and the ‘Classics’” Again: A Methodological Enquiry," Atlantic Economic Journal, International Atlantic Economic Society, vol. 34(2), pages 161-174, June.
  16. Lukáš Kovanda, 2010. "Critical Realism as an Ontological Basis of Post-Keynesianism," Politická ekonomie, University of Economics, Prague, vol. 2010(5), pages 608-622.

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