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How Capitalism, University and Mathematics as Institutions Shaped Mainstream Economics

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  • Yefimov, Vladimir
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    The article shows that mainstream economics, which now includes such current as new institutional economics, is the result of an evolution shaped by three institutions (capitalism, university and mathematics) by imposing to the profession of economists their founding beliefs. These beliefs are: ‘laissez-faire’; ‘economic knowledge has a priori and exegetical character’; ‘all mathematical entities exist in reality’; ‘beauty is a criterion for theoretical constructions’; ‘scientific research is a play with axioms and rules of inference’. Because of these beliefs mainstream economics, based on mathematical constructions arbitrarily borrowed from the physics of the nineteenth century, remains cognitively sterile and socially detrimental.

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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47920.

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    Date of creation: 29 Sep 2012
    Date of revision: 07 Jul 2013
    Handle: RePEc:pra:mprapa:47920
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    1. Heino Heinrich Nau, 2000. "Gustav Schmoller's Historico-Ethical Political Economy : ethics, politics and economics in the younger German Historical School, 1860-1917," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(4), pages 507-531.
    2. Robert Leonard, 1997. "Value, sign, and social structure: the 'game' metaphor and modern social science," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 4(2), pages 299-326.
    3. Ar. Rubinstein., 2008. "Dilemmas of an Economic Theorist," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
    4. Nathalie Sigot, 2005. "La réception de l'œuvre économique de Cournot," Post-Print halshs-00457631, HAL.
    5. Yefimov, Vladimir, 2010. "Vers une autre science économique (et donc une autre institution de cette science)
      [Toward another economic science (and thus toward another institution of this science)]
      ," MPRA Paper 49119, University Library of Munich, Germany.
    6. Nathalie Sigot, 2010. "Utility and Justice: French Liberal Economists in the 19th Century," Post-Print hal-00637265, HAL.
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