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The unreasonable ineffectiveness of mathematics in economics
Velupillai, K. V.
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 formalisations imply non-constructive and uncomputable structures. A reasonable and effective mathematisation of economics entails Diophantine formalisms. These come with natural undecidabilities and uncomputabilities. 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
Publication Date:
2018
Type: Journal article
Peer-Reviewed: Unknown
Institution: NUI Galway
Publisher(s): Oxford University Press (OUP)
First Indexed: 2019-03-23 06:52:24 Last Updated: 2019-03-23 06:52:24