ON THE FOUNDATIONS OF MATHEMATICAL ECONOMICS

J. Barkley Rosser

New Mathematics and Natural Computation (NMNC), 2012, vol. 08, issue 01, 53-72

Abstract: Kumaraswamy Vela Velupillai74presents a constructivist perspective on the foundations of mathematical economics, praising the views of Feynman in developing path integrals and Dirac in developing the delta function. He sees their approach as consistent with the Bishop constructive mathematics and considers its view on the Bolzano-Weierstrass, Hahn-Banach, and intermediate value theorems, and then the implications of these arguments for such "crown jewels" of mathematical economics as the existence of general equilibrium and the second welfare theorem. He also relates these ideas to the weakening of certain assumptions to allow for more general results as shown by Rosser51in his extension of Gödel's incompleteness theorem in his opening section. This paper considers these arguments in reverse order, moving from the matters of economics applications to the broader issue of constructivist mathematics, concluding by considering the views of Rosser on these matters, drawing both on his writings and on personal conversations with him.

Keywords: Constructivist mathematics; general equilibrium theory; non-standard analysis (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1142/S1793005712400029

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