Publication

The Unreasonable Ineffectiveness of Mathematics in Economics.

Velupillai, K. Vela.
Thumbnail Image
Files
Thumbnail Image
paper_0080.pdf
Adobe PDF, 279.95 KB
Repository DOI
Publication Date
2004
Keywords
General equilibrium theory, Computable general equilibrium, Computable economics, Constructive mathematics, Mathematical economics., Economics
Type
Working Paper
Downloads
Show all metadata
Citation
Vellupillai, K.V., (2004) "The Unreasonable Ineffectiveness of Mathematics in Economics." (Working Paper No. 0080) Department of Economics, National University of Ireland, Galway.
Abstract
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.
Funder
Publisher
National University of Ireland, Galway
Publisher DOI
Rights
Attribution-NonCommercial-NoDerivs 3.0 Ireland
cbn
Collections
Economics (Working Papers)