MATHEMATICAL FORMALISM IN ECONOMICS: CONSEQUENCES AND ALTERNATIVES

Stephen Pratten

Economic Affairs, 2004, vol. 24, issue 2, 37-42

Abstract: The blinkered insistence upon formalistic modelling has prevented economics from developing in a way that helps us understand the world in which we live. There are alternative approaches to the study of economics that do not use the formal, often closed‐form, models that contemporary mainstream academic economists rely upon. These provide a more promising avenue for future teaching and research.

Date: 2004
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