The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main exaamples and one general discussion: dynamics, policy and rational expectations and learning are the examples; a game theory without ‘subjectivism’, based on the axiom of determinateness, is discussed in general terms. The focus in on the role and reliance of standard fixed-point theorems in orthodox mathematical economics.

Variations on the Theme of Conning in Mathematical Economics / Velupillai, Kumaraswamy. - In: JOURNAL OF ECONOMIC SURVEYS. - ISSN 0950-0804. - STAMPA. - 2007/v.21:3(2007), pp. 466-505.

Variations on the Theme of Conning in Mathematical Economics

Velupillai, Kumaraswamy
2007-01-01

Abstract

The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main exaamples and one general discussion: dynamics, policy and rational expectations and learning are the examples; a game theory without ‘subjectivism’, based on the axiom of determinateness, is discussed in general terms. The focus in on the role and reliance of standard fixed-point theorems in orthodox mathematical economics.
2007
3
Velupillai, Kumaraswamy
Variations on the Theme of Conning in Mathematical Economics / Velupillai, Kumaraswamy. - In: JOURNAL OF ECONOMIC SURVEYS. - ISSN 0950-0804. - STAMPA. - 2007/v.21:3(2007), pp. 466-505.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11572/82359
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