Taming The Incomputable, Reconstructing The Nonconstructive And Deciding The Undecidable In Mathematical Economics
The emergence of non-constructivities in economics is entirely due to the unnecessary and inappropriate formalization of economics by means of 'classical' mathematics. I have made similar claims for the emergence of uncomputabilities and undecidabilities in economics in earlier writings. Here, on the other hand, I want to suggest a way of confronting uncomputabilities, and remedying non-constructivities, in economics, and turning them into a positive force for modeling, for example, endogenous growth, as suggested by Stefano Zambelli. 107,108 In between, a case is made for economics to take seriously the kind of mathematical methodology fostered by Feynman and Dirac, in particular the way they developed the path integral and the δ-function, respectively. A sketch of a "research program" in mathematical economics, analogous to the way Gödel thought incompleteness and its perplexities should be interpreted and resolved, is also outlined, albeit briefly, in the concluding section.
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Volume (Year): 08 (2012)
Issue (Month): 01 ()
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in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 21, pages 1007-1061
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- Lars Ljungqvist & Thomas J. Sargent, 2004. "Recursive Macroeconomic Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 026212274x, June.
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