Conning Variations on the Theme of in
40 Pages Posted: 18 Jun 2007
The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples and one general discussion: dynamics, policy and rational expectations and learning are the examples; a game theory without subjectivism, based on the axiom of determinateness, is discussed in general terms. The focus is on the role and reliance of standard fixed-point theorems in orthodox mathematical economics.
Suggested Citation: Suggested Citation