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The Computable Alternative in the Formalization of Economics: A Counterfactual Essay

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  • Velupillai, Kumaraswamy

Abstract

The mathematization of economics has proceeded along Bourbakian and formalistic pathways. The methodological underpinnings have been provided by deductivism. Recent developments in logic, the foundations of mathematics, and the philosophy of science suggest new possibilities for the formalization of economics along recursion theoretic and inductive lines. In this essay, the author explores, counterfactually, alternative ways of mathematizing economics on the basis of these new visions. By choosing examples from consumer and production theory, games and existence proofs, he asks whether a recursion theoretic formalism of their analytic content could have led to alternative, more interesting histories. The author's conclusions are unambiguously positive. Copyright 1996 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Velupillai, Kumaraswamy, 1996. "The Computable Alternative in the Formalization of Economics: A Counterfactual Essay," Kyklos, Wiley Blackwell, vol. 49(3), pages 251-272.
    • Handle: RePEc:bla:kyklos:v:49:y:1996:i:3:p:251-72
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    Cited by:

    1. Tamás Dusek, 2008. "Methodological Monism in Economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 1(2), pages 26-50, March.
    2. K. Vela Velupillai, 2013. "Towards an Intuitionistic Constructive Mathematical Economics," ASSRU Discussion Papers 1304, ASSRU - Algorithmic Social Science Research Unit.

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