The Mathematical Logic of Creative Economics

15 Pages Posted: 5 Nov 2014

See all articles by Arnold Wentzel

Arnold Wentzel

University of Johannesburg - Department of Economics

Date Written: 2008

Abstract

Advances in economics result from new ideas, but economists have no formal tools to generate such ideas. Yet logical processes for idea generation exist and can be applied to economic theorising. If an economic problem is reframed as a proof problem, economists can use familiar logical tools to channel their creative thinking and so advance economic theory. This paper develops a formal and reproducible logical method for generating economic ideas using the time-inconsistency problem and Rogoff’s (1985) original contribution as a case study.

Keywords: Time-inconsistency, central banking, discovery, proof, creative reasoning

JEL Classification: B40

Suggested Citation

Wentzel, Arnold, The Mathematical Logic of Creative Economics (2008). Available at SSRN: https://ssrn.com/abstract=2518504 or http://dx.doi.org/10.2139/ssrn.2518504

Arnold Wentzel (Contact Author)

University of Johannesburg - Department of Economics ( email )

P.O. Box 524
Auckland Park 2006, Johannesburg
South Africa

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