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 nonconstructive 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 
PeerReviewed:

Unknown 
Institution:

NUI Galway 
Publisher(s):

Oxford University Press (OUP) 
First Indexed:
20190323 06:52:24 Last Updated:
20190323 06:52:24 