The Unreasonable Ineffectiveness of Mathematics in Economics

K. Vela Velupillai
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K. Vela Velupillai: Department of Economics, National University of Ireland, Galway

No 80, Working Papers from National University of Ireland Galway, Department of Economics

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 formalizations imply nonconstructive and uncomputable structures. A reasonable and effective mathematization of economics entails Diophantine formalisms. These come with natural undecidabilities and uncomputabilites. 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.

Keywords: General Equilibrium Theory; Computable General Equilibrium; Computable Economics; Constructive Mathematics; Mathematical Economics. (search for similar items in EconPapers)
JEL-codes: B41 C62 C68 D58 (search for similar items in EconPapers)
Date: 2004, Revised 2004
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Journal Article: The unreasonable ineffectiveness of mathematics in economics (2005)
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