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Introducing Formalism in Economics: The Growth Model of John von Neumann

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  • Sandye Gloria-Palermo

Abstract

The objective is to interpret John von Neumann's growth model as a decisive step of the forthcoming formalist revolution of the 1950s in economics. This model gave rise to an impressive variety of comments about its classical or neoclassical underpinnings. We go beyond this traditional criterion and interpret rather this model as the manifestation of von Neumann's involvement in the formalist programme of mathematician David Hilbert. We discuss the impact of Kurt Gödel’s discoveries on this programme. We show that the growth model reflects the pragmatic turn of the formalist programme after Gödel and proposes the extension of modern axiomatisation to economics. Key words: Von Neumann, Growth model, Formalist revolution, Mathematical formalism, Axiomatics.JEL: A12, B23, B41, C02.

Suggested Citation

  • Sandye Gloria-Palermo, 2010. "Introducing Formalism in Economics: The Growth Model of John von Neumann," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 153-172.
    • Handle: RePEc:voj:journl:v:57:y:2010:i:2:p:153-172:id:181
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    More about this item

    Keywords

    Von Neumann; Growth model; Formalist revolution; Mathematical formalism; Axiomatics;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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