The use and abuse of mathematical economics

The use and abuse of mathematical economics Seeks to define the proper role for mathematics to play in economic theorizing by spelling out its limits. Specifically, has the mathematization of economics contributed to its narrowing of scope since the anti-classical reaction of the 1870s? If so, is mathematics inherently narrow? Or does the modern, and often other-worldly, treatment follow from the particular way in which mathematics has been applied? To describe "bad" mathematical economics, one must state what kinds of problems its formulations tend to exclude. This paper focuses on "equilibrium" analysis that rules out such real-world phenomena as instability and economic polarization, thereby diverting attention from the actual structural problems at work. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Studies Emerald Publishing

The use and abuse of mathematical economics

Journal of Economic Studies, Volume 27 (4/5): 24 – Aug 1, 2000

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Publisher
Emerald Publishing
Copyright
Copyright © 2000 MCB UP Ltd. All rights reserved.
ISSN
0144-3585
DOI
10.1108/01443580010341754
Publisher site
See Article on Publisher Site

Abstract

Seeks to define the proper role for mathematics to play in economic theorizing by spelling out its limits. Specifically, has the mathematization of economics contributed to its narrowing of scope since the anti-classical reaction of the 1870s? If so, is mathematics inherently narrow? Or does the modern, and often other-worldly, treatment follow from the particular way in which mathematics has been applied? To describe "bad" mathematical economics, one must state what kinds of problems its formulations tend to exclude. This paper focuses on "equilibrium" analysis that rules out such real-world phenomena as instability and economic polarization, thereby diverting attention from the actual structural problems at work.

Journal

Journal of Economic StudiesEmerald Publishing

Published: Aug 1, 2000

Keywords: Mathematics

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