Conning Variations on the Theme of in

40 Pages Posted: 18 Jun 2007

See all articles by K. Vela Velupillai

K. Vela Velupillai

National University of Ireland, Galway (NUIG) - Department of Economics; Università degli Studi di Trento - Department of Economics and Management

Abstract

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

Velupillai, Kumaraswamy, Conning Variations on the Theme of in. Journal of Economic Surveys, Vol. 21, Issue 3, pp. 466-505, July 2007. Available at SSRN: https://ssrn.com/abstract=994442 or http://dx.doi.org/10.1111/j.1467-6419.2007.00511.x

Kumaraswamy Velupillai (Contact Author)

National University of Ireland, Galway (NUIG) - Department of Economics ( email )

Newcastle Road
Galway
Ireland

Università degli Studi di Trento - Department of Economics and Management

Via Inama 5
Trento, I-38100
Italy

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