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Beauty and the Economist: The Role of Aesthetics in Economic Theory

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  • Cassey Lee
  • Peter L. Lloyd

Abstract

The importance of aesthetic considerations is widely acknowledged in mathematics and the natural sciences. Beauty motivates mathematical and scientific discoveries and serves as a criterion for their acceptance by the scientific community. In contrast, there is little attention to beauty in the models, theorems and other objects of economic theory. This holds even though mathematics is an important tool of economic analysis. The pure theory of international trade provides useful examples to discuss the role of aesthetics in economic theory. The central feature of the discipline of economics which distinguishes it from the natural sciences and appears to explain the paucity of beauty in economics is that economic models lack generality. Die Bedeutung ästhetischer Überlegungen ist in der Mathematik und den Naturwissenschaften aner‐kannt. Schönheit motiviert mathematische und naturwissenschaftliche Entdeckungen und dient als Kriterium für deren Akzeptanz in der wissenschaftlichen Gemeinschaft. In den Modellen, Theore‐men und anderen Fragestellungen der ökonomischen Theorie wird hingegen kaum auf Schönheit ge‐achtet; dies, obwohl Mathematik ein wichtiges Instrument der ökonomischen Analyse ist. Die reine Theorie des internationalen Handels bietet brauchbare Beispiele, um die Rolle der Ästhetik in der ökonomischen Theorie zu diskutieren. Was die Wirtschaftswissenschaften am deutlichsten von den Naturwissenschaften unterscheidet und den Mangel an Schönheit zu erklären scheint ist die Tatsache, dass ökonomische Modelle nicht allgemeingültig sind.

Suggested Citation

  • Cassey Lee & Peter L. Lloyd, 2005. "Beauty and the Economist: The Role of Aesthetics in Economic Theory," Kyklos, Wiley Blackwell, vol. 58(1), pages 65-86, February.
  • Handle: RePEc:bla:kyklos:v:58:y:2005:i:1:p:65-86
    DOI: 10.1111/j.0023-5962.2005.00278.x
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    Cited by:

    1. Christos Evangelinos & Stefan Tscharaktschiew, 2021. "The Valuation of Aesthetic Preferences and Consequences for Urban Transport Infrastructures," Sustainability, MDPI, vol. 13(9), pages 1-17, April.

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