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Variations on the Theme of Conning in Mathematical Economics

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  • K. Vela Velupillai

    (Department of Economics, National University of Ireland, Galway)

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    Abstract

    The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples: dynamics, policy and rational expectations and learning. The focus is on the role and reliance on standard fixed point theorems in orthodox mathematical economics.

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    Bibliographic Info

    Paper provided by National University of Ireland Galway, Department of Economics in its series Working Papers with number 112.

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    Date of creation: 2006
    Date of revision: 2006
    Handle: RePEc:nig:wpaper:0112

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    References

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    1. Debreu, Gerard, 1984. " Economic Theory in the Mathematical Mode," Scandinavian Journal of Economics, Wiley Blackwell, vol. 86(4), pages 393-410.
    2. Debreu, Gerard, 1986. "Theoretical Models: Mathematical Forms and Economic Content," Econometrica, Econometric Society, vol. 54(6), pages 1259-70, November.
    3. Jerome Adda & Russell W. Cooper, 2003. "Dynamic Economics: Quantitative Methods and Applications," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012014, December.
    4. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
    5. Leamer, Edward E, 1983. "Let's Take the Con Out of Econometrics," American Economic Review, American Economic Association, vol. 73(1), pages 31-43, March.
    6. Debreu,Gerard Introduction by-Name:Hildenbrand,Werner, 1986. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521335614, April.
    7. Robert Axtell, 2005. "The Complexity of Exchange," Economic Journal, Royal Economic Society, vol. 115(504), pages F193-F210, 06.
    8. K. Vela Velupillai, 2005. "The Foundations of Computable General EquilibriumTheory," Working Papers 0093, National University of Ireland Galway, Department of Economics, revised 2005.
    9. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, vol. 81(1), pages 1-7, March.
    10. Finn E. Kydland & Edward C. Prescott, 1994. "The computational experiment: an econometric tool," Staff Report 178, Federal Reserve Bank of Minneapolis.
    11. Roth, Alvin E, 1994. "Lets Keep the Con out of Experimental Econ.: A Methodological Note," Empirical Economics, Springer, vol. 19(2), pages 279-89.
    12. Finn Kydland & Edward C. Prescott, 1980. "A Competitive Theory of Fluctuations and the Feasibility and Desirability of Stabilization Policy," NBER Chapters, in: Rational Expectations and Economic Policy, pages 169-198 National Bureau of Economic Research, Inc.
    13. Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 307-325, November.
    14. Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, vol. 62, pages 465.
    15. K. Vela Velupillai, 2004. "The unreasonable ineffectiveness of mathematics in economics," Department of Economics Working Papers 0406, Department of Economics, University of Trento, Italia.
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    Cited by:
    1. Bartholo, R.S. & Cosenza, C.A.N. & Doria, F.A. & de Lessa, C.T.R., 2009. "Can economic systems be seen as computing devices?," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 72-80, May.
    2. K.Vela Velupillai, 2012. "The Epistemology of Simulation, Computation and Dynamics in Economics," ASSRU Discussion Papers 1218, ASSRU - Algorithmic Social Science Research Unit.

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