The Unreasonable Ineffectiveness of Mathematics in Economics. 
Velupillai, K. Vela.



In this paper I attempt to show that mathematical economics is unreasonably
ineffective. Unreasonable, because the mathematical assumptions are economically
unwarranted; ineffective because the mathematical formalizations imply nonconstructive
and uncomputable structures. A reasonable and effective
mathematization of economics entails Diophantine formalisms. These come with
natural undecidabilities and uncomputabilites. In the face of this, I conjecture that an
economics for the future will be freer to explore experimental methodologies
underpinned by alternative mathematical structures. The whole discussion is framed
within the context of the celebrated Wignerian theme: The Unreasonable
Effectiveness of Mathematics in the Natural Sciences.

Keyword(s):

General equilibrium theory; Computable general equilibrium; Computable economics; Constructive mathematics; Mathematical economics.; Economics 
Publication Date:

2010 
Type:

Working paper 
PeerReviewed:

Yes 
Language(s):

English 
Institution:

NUI Galway 
Publisher(s):

National University of Ireland, Galway 
File Format(s):

application/pdf 
First Indexed:
20151110 09:21:01 Last Updated:
20151110 09:21:01 