Undecidability, Computation Universality and Minimality in Economic Dynamics*

K. Vela Velupillai

Journal of Economic Surveys, 1999, vol. 13, issue 5, 653-674

Abstract: An attempt is made, in this paper, to pose questions about economic dynamics in the broad areas of microeconomics, behavioural economics and macroeconomics from the point of view of classical recursion theory. This viewpoint makes it imperative that the fundamental economic entities in question are given an algorithmic formulation. Algorithms, in turn, are intrinsically dynamic objects which, if they are nontrivial, encapsulate nonlinear dynamics in novel ways such that it is possible to ask decidability questions and obtain effective answers about the economic entities. It is shown, formally, that rational economic behaviour is comfortably consistent with nonmaximum, disequilibrium and unstable economic dynamics in core areas of microeconomics, behavioural economics and macroeconomics.

Date: 1999
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