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The Mathematical Revolution in Economics: Factor Flows in the Production of Academics

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  • Dennis L. Weisman

Abstract

The main theme of this essay is that the mathematical revolution in economics precipitated factor flows in the production of academics, wherein able, if not creative, mathematicians moved into economics to earn large rents. This “technical migration†set in motion a counterproductive path dependency from which the discipline may find it difficult to extricate itself. A secondary theme explores the disparate views of Keynes and Schumpeter on economics as an “exact science†and the role that mathematics should play. The seminal question is not whether mathematics is an important tool for economic analysis, because this is not a debatable proposition, but whether the deification of mathematics has come at too high a cost. This cost includes elevating elegance over substance, discounting the importance of other disciplines, and dissuading gifted undergraduates from pursuing advanced study in economics because they do not aspire to be “mathematicians.†JEL Classifications : A22, A23, B31, B41

Suggested Citation

  • Dennis L. Weisman, 2021. "The Mathematical Revolution in Economics: Factor Flows in the Production of Academics," The American Economist, Sage Publications, vol. 66(2), pages 202-221, October.
    • Handle: RePEc:sae:amerec:v:66:y:2021:i:2:p:202-221
    DOI: 10.1177/05694345211008454
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    References listed on IDEAS

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    1. Keynes,John Maynard, 2012. "The Collected Writings of John Maynard Keynes," Cambridge Books, Cambridge University Press, number 9781107658066 edited by Johnson,Elizabeth & Moggridge,Donald, Enero.
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    4. Kenneth E. Boulding, 1948. "Samuelson's Foundations: The Role of Mathematics in Economics," Journal of Political Economy, University of Chicago Press, vol. 56(3), pages 187-187.
    5. Dennis L. Weisman, 1984. "Tobin on Keynes: A Suggested Interpretation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 411-420, April.
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    7. Ho Fai Chan & Benno Torgler, 2012. "Econometric Fellows and Nobel Laureates in Economics," Economics Bulletin, AccessEcon, vol. 32(4), pages 3365-3377.
    8. Dennis L. Weisman, 1984. "Tobin on Keynes: A Suggested Interpretation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 411-421, March.
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    More about this item

    Keywords

    mathematics; rent-seeking; path dependence; formalism; Keynes; Schumpeter;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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