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Mathematical modelling in the wake of the crisis: a blessing or a curse? What does the economics profession say?

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  • Vinca Bigo
  • Ioana Negru

Abstract

The economics profession has been heavily criticised for not anticipating the economic crisis that began in 2007. And even now economists seem unable to suggest ways out of this crisis. It is widely acknowledged that the emphasis of modern economics over the last 50 years has been heavily mathematical and formalistic. The aim of this paper is to examine whether, in the wake of the crisis, academic economists have examined this emphasis on mathematics and further to investigate the extent to which they are considering changing their methodological orientation. The results of our field study show that many economists have tended to reaffirm their position and argued for the use of newer, better mathematical models in economics.

Suggested Citation

  • Vinca Bigo & Ioana Negru, 2014. "Mathematical modelling in the wake of the crisis: a blessing or a curse? What does the economics profession say?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(2), pages 329-347.
    • Handle: RePEc:oup:cambje:v:38:y:2014:i:2:p:329-347.
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    File URL: http://hdl.handle.net/10.1093/cje/bet063
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    Cited by:

    1. Stavros A. DRAKOPOULOS, 2016. "Economic crisis, economic methodology and the scientific ideal of physics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 28-57, November.
    2. Ann Mari May & Mary G. McGarvey & Yana Rodgers & Mark Killingsworth, 2021. "Critiques, Ethics, Prestige and Status: A Survey of Editors in Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 47(2), pages 295-318, April.

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