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The Non-neutrality of Formalism

In: Foundations for New Economic Thinking

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  • Sheila C. Dow

    (University of Stirling)

Abstract

In the view of many, perhaps most, economists, to state a theory in terms of a formal model is an unambiguous improvement, rather than, as we see it, a matter of costs and benefits. The benefits (greater rigour, more precision, demonstrable results), are widely understood, while the costs are underexplored. The costs are associated with the way in which formalising an argument can change its meaning, that is, with its non-neutrality. This chapter will focus on the particular costs of formalism, associated with the obstacles formalism poses for translating from (formalist) theory to practical application.

Suggested Citation

  • Sheila C. Dow, 2012. "The Non-neutrality of Formalism," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 9, pages 140-161, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-00072-9_9
    DOI: 10.1057/9781137000729_9
    as

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