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The General Impossibility of Neoclassical Economics

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  • Ben Fine

Abstract

This article recalls how neo-classical economics prides itself both on its mathematical rigour and on the universal applicability of its principles, and how, on this basis, “economics imperialism” is colonising the subject matter of the other social sciences. Critics of the mainstream have emphasised the conceptual and theoretical weaknesses of reliance upon axiomatic deductivism and methodological individualism of a special type, as well as denying the image that the mainstream has of itself as emulating the natural sciences. In a complementary critique, this article demonstrates, by drawing upon Russell’s logical paradoxes, how results from within mathematics itself, as opposed to its application, impose unnoticed limitations upon the scope and consistency of the mainstream. JEL Classification: B41.

Suggested Citation

  • Ben Fine, 2011. "The General Impossibility of Neoclassical Economics," Ensayos Revista de Economía, Universidad Autónoma de Nuevo León, vol. 30(1), pages 1-22, May.
    • Handle: RePEc:ere:journl:v:30:y:2011:i:1:id:77
    DOI: 10.29105/ensayos30.1-1
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    References listed on IDEAS

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    1. Alexander James Field, 1979. "On the Explanation of Rules Using Rational Choice Models," Journal of Economic Issues, Taylor & Francis Journals, vol. 13(1), pages 49-72, March.
    2. Backhouse, Roger E, 1998. "If Mathematics Is Informal, Then Perhaps We Should Accept That Economics Must Be Informal Too," Economic Journal, Royal Economic Society, vol. 108(451), pages 1848-1858, November.
    3. Chick, Victoria & Dow, Sheila C, 2001. "Formalism, Logic and Reality: A Keynesian Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(6), pages 705-721, November.
    4. K. Vela Velupillai, 2005. "The unreasonable ineffectiveness of mathematics in economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 849-872, November.
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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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