Mathematics, Metaphors and Economic Visualisability

Abstract

The mathematisation of economic theory is an issue that has been discussed many times. These discussions have been dominated by debate about the appropriateness of the deductive method for economics. This rather narrow focus has pushed a number of important methodological issues regarding the nature of mathematical economics aside. In this paper, it is argued that mathematical economics involves the construction of metaphor and is therefore metaphorical in nature. Whilst mathematical economics has been responsible for what are generally regarded to be notable theoretical achievements and retains a place in economics as an apparatus for the development of economic science, the meaning of mathematical economics is restricted to those elements of economic reality that may be talked about in terms of mathematical objects and there is a danger of declining economic visualisability as the metaphors of mathematical economics become less vivid.

Keywords: mathematical economics, metaphors, economic visualisability

JEL Classification: A10, B40, C60