The unreasonable ineffectiveness of mathematics in economics

K. Vela Velupillai

Cambridge Journal of Economics, 2005, vol. 29, issue 6, 849-872

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 formalisations imply non-constructive and uncomputable structures. A reasonable and effective mathematisation of economics entails Diophantine formalisms. These come with natural undecidabilities and uncomputabilities. 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. Copyright 2005, Oxford University Press.

Date: 2005
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