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Variations on the Theme of Conning in Mathematical Economics

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  • K. Vela Velupillai

Abstract

The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples: dynamics, policy and rational expectations and learning. The focus is on the role and reliance on standard .xed point theorems in orthodox mathematical economics.

Suggested Citation

  • K. Vela Velupillai, 2007. "Variations on the Theme of Conning in Mathematical Economics," Department of Economics Working Papers 0703, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpde:0703
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    References listed on IDEAS

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    1. Debreu, Gerard, 1986. "Theoretical Models: Mathematical Forms and Economic Content," Econometrica, Econometric Society, vol. 54(6), pages 1259-1270, November.
    2. K. Vela Velupillai, 2005. "The unreasonable ineffectiveness of mathematics in economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 849-872, November.
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    5. Jerome Adda & Russell W. Cooper, 2003. "Dynamic Economics: Quantitative Methods and Applications," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012014, December.
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    8. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, vol. 81(1), pages 1-7, March.
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    12. K. Vela Velupillai, 2005. "The foundations of computable general equilibrium theory," Department of Economics Working Papers 0513, Department of Economics, University of Trento, Italia.
    13. Debreu, Gerard, 1984. "Economic Theory in the Mathematical Mode," American Economic Review, American Economic Association, vol. 74(3), pages 267-278, June.
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    Cited by:

    1. K.Vela Velupillai, 2012. "The Epistemology of Simulation, Computation and Dynamics in Economics," ASSRU Discussion Papers 1218, ASSRU - Algorithmic Social Science Research Unit.
    2. Bartholo, R.S. & Cosenza, C.A.N. & Doria, F.A. & de Lessa, C.T.R., 2009. "Can economic systems be seen as computing devices?," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 72-80, May.

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    More about this item

    Keywords

    General Equilibrium Theory; Mathematical Economics; Theory of Policy; Rational Expectations Equilibrium;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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