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Variations on the Theme of Conning in Mathematical Economics

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Author Info
K. Vela Velupillai ()
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 .xed point theorems in orthodox mathematical economics.

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Paper provided by Department of Economics, University of Trento, Italia in its series Department of Economics Working Papers with number 0703.

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Date of creation: 2007
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Handle: RePEc:trn:utwpde:0703

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Related research
Keywords: General Equilibrium Theory; Mathematical Economics; Theory of Policy; Rational Expectations Equilibrium;

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Find related papers by JEL classification:
C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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  1. 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. [Downloadable!]
  2. Debreu, Gerard, 1984. " Economic Theory in the Mathematical Mode," Scandinavian Journal of Economics, Blackwell Publishing, vol. 86(4), pages 393-410.
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  3. 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. [Downloadable!] (restricted)
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  4. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, vol. 81(1), pages 1-7, March.
  5. Debreu, Gerard, 1986. "Theoretical Models: Mathematical Forms and Economic Content," Econometrica, Econometric Society, vol. 54(6), pages 1259-70, November. [Downloadable!] (restricted)
  6. Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 307-325, November. [Downloadable!] (restricted)
  7. Kydland, Finn E & Prescott, Edward C, 1996. "The Computational Experiment: An Econometric Tool," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 69-85, Winter. [Downloadable!] (restricted)
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  8. Roth, Alvin E, 1994. "Lets Keep the Con out of Experimental Econ.: A Methodological Note," Empirical Economics, Springer, vol. 19(2), pages 279-89.
  9. K. Vela Velupillai, 2005. "The unreasonable ineffectiveness of mathematics in economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 849-872, November. [Downloadable!] (restricted)
  10. Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, vol. 62, pages 465. [Downloadable!] (restricted)
  11. Robert Axtell, 2005. "The Complexity of Exchange," Economic Journal, Royal Economic Society, vol. 115(504), pages F193-F210, 06. [Downloadable!] (restricted)
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