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A logical critique of mathematical formalism in economics

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  • Ken Dennis

Abstract

Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics (outlined in this paper) shows how, in simple cases, the two components of economic theory can be formally identified, distinguished, and integrated. However, the real challenge to formalizing economic theory points not to mathematics but to problems of constructing a logic coping with propositional attitudes (belief, preference, intention) that lie at the very heart of economic rationality and can be treated only by means of intensional logic.

Suggested Citation

  • Ken Dennis, 1996. "A logical critique of mathematical formalism in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(1), pages 151-169.
    • Handle: RePEc:taf:jecmet:v:3:y:1996:i:1:p:151-169
    DOI: 10.1080/13501789600000012
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    Cited by:

    1. Mohammad Omar Farooq, 2009. "Masudul Alam Choudhury: Islamic critique and alternative to Financial engineering issues, Comment by مسعود العالم شودري: النقد الإسلامي والبديل لقضايا الهندسة المالية ، تعليق: محمد عمر فاروق," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 22(2), pages 259-266, July.
    2. T.A. Boylan & P.F. O'Gorman, 2007. "Axiomatization And Formalism In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 426-446, July.
    3. Steve Fleetwood, 2001. "Causal Laws, Functional Relations and Tendencies," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 201-220.

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