Examining the Application of Mathematics in Economics

Kazem Falahati ()
Additional contact information
Kazem Falahati: Glasgow Caledonian University, UK

Eurasian Journal of Economics and Finance, 2019, vol. 7, issue 2, 32-41

Abstract: In most scientific disciplines, mathematical models work well empirically and experimentally. However, it is widely recognized that in standard (i.e. neoclassical) economics, mathematical models do not work quite as well, not even at the theoretical level. The question is why. This diagnostic study, which is one of the first in its kind, addresses this question and reveals that mathematics is non-rigorously applied in economics by focusing on the case of ordinal utility theory (which rests at the foundation of neoclassical economics), and identifying three mathematical oversights there. For these reasons, this paper calls for a reconstruction of economic theory with a much more solid foundation than that of the currently dominant paradigm, and with a much more rigorous application of logic and mathematics.

Keywords: Hidden Mathematical Contradictions; Ordinal Utility; General Equilibrium (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://eurasianpublications.com/wp-content/uploads/2022/06/ejef-7-2-3.pdf (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ejn:ejefjr:v:7:y:2019:i:2:p:32-41

Access Statistics for this article

Eurasian Journal of Economics and Finance is currently edited by Xuan Vinh Vo

More articles in Eurasian Journal of Economics and Finance from Eurasian Publications
Bibliographic data for series maintained by Esra Barakli ().