COMPUTABLE ECONOMICS: RECONSTRUCTING THE NONCONSTRUCTIVE

Stefano Zambelli

New Mathematics and Natural Computation (NMNC), 2012, vol. 08, issue 01, 113-122

Abstract: In this paper, a case for Velupillai'sComputable Economicsis made. It is claimed that the methodological approach and results (theorems) ofclassical recursion theoryandconstructive mathematicsshould be at the foundation of theorizing in economics. The major point is that Turing machine equivalent computations set an upper bound to rational choice that cannot be circumvented with a non-rigorous and teleological "as if" assumption. Clearly, given that the optimal choices are almost always not constructible the paradigm of rational behavior as optimizing behavior is deprived of any practical, operational or theoretical meaning. It isComputable Economicsthat provides the proper foundation for a formally rigorous and meaningful definition of rationality.

Keywords: Computable economics; computability; constructive mathematics; choice theory; bounded rationality; behavioral economics (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1142/S1793005712400078

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