 A logical critique of mathematical formalism in economicsJournal of Economic Methodology, 1996, vol. 3, issue 1, 151-169 Abstract: Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics (outlined in this paper) shows how, in simple cases, the two components of economic theory can be formally identified, distinguished, and integrated. However, the real challenge to formalizing economic theory points not to mathematics but to problems of constructing a logic coping with propositional attitudes (belief, preference, intention) that lie at the very heart of economic rationality and can be treated only by means of intensional logic. Keywords: economic; theory; logic; rigour; formalization; mathematics (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:jecmet:v:3:y:1996:i:1:p:151-169 Ordering information: This journal article can be ordered from DOI: 10.1080/13501789600000012 Access Statistics for this article Journal of Economic Methodology is currently edited by John Davis and D Wade Hands More articles in Journal of Economic Methodology from Taylor & Francis Journals |
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