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Variations on the Theme of Conning in Mathematical Economics

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  • K. Vela Velupillai

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

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    1. Robert Axtell, 2005. "The Complexity of Exchange," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 115(504), pages F193-F210, 06.
    2. Debreu, Gerard, 1986. "Theoretical Models: Mathematical Forms and Economic Content," Econometrica, Econometric Society, Econometric Society, vol. 54(6), pages 1259-70, November.
    3. Roth, Alvin E, 1994. "Lets Keep the Con out of Experimental Econ.: A Methodological Note," Empirical Economics, Springer, Springer, vol. 19(2), pages 279-89.
    4. K. Vela Velupillai, 2005. "The foundations of computable general equilibrium theory," Department of Economics Working Papers, Department of Economics, University of Trento, Italia 0513, Department of Economics, University of Trento, Italia.
    5. Finn E. Kydland & Edward C. Prescott, 1994. "The computational experiment: an econometric tool," Staff Report, Federal Reserve Bank of Minneapolis 178, Federal Reserve Bank of Minneapolis.
    6. K. Vela Velupillai, 2004. "The unreasonable ineffectiveness of mathematics in economics," Department of Economics Working Papers, Department of Economics, University of Trento, Italia 0406, Department of Economics, University of Trento, Italia.
    7. Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 62, pages 465.
    8. 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.
    9. Debreu, Gerard, 1984. "Economic Theory in the Mathematical Mode," American Economic Review, American Economic Association, American Economic Association, vol. 74(3), pages 267-78, June.
    10. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, American Economic Association, vol. 81(1), pages 1-7, March.
    11. Edward E. Leamer, 1982. "Let's Take the Con Out of Econometrics," UCLA Economics Working Papers, UCLA Department of Economics 239, UCLA Department of Economics.
    12. Debreu,Gerard Introduction by-Name:Hildenbrand,Werner, 1986. "Mathematical Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521335614.
    13. Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 49(3), pages 307-325, November.
    14. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
    15. 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.
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    Cited by:
    1. K.Vela Velupillai, 2012. "The Epistemology of Simulation, Computation and Dynamics in Economics," ASSRU Discussion Papers, ASSRU - Algorithmic Social Science Research Unit 1218, ASSRU - Algorithmic Social Science Research Unit.
    2. 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, Elsevier, vol. 70(1-2), pages 72-80, May.

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