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Computable Economics: Reconstructing The Nonconstructive

Author

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  • STEFANO ZAMBELLI

    (Department of Economics, University of Trento, via Inama, 5, 38100 Trento, Italy)

Abstract

In this paper, a case for Velupillai'sComputable Economicsis made. It is claimed that the methodological approach and results (theorems) ofclassical recursion theoryandconstructive mathematicsshould be at the foundation of theorizing in economics. The major point is that Turing machine equivalent computations set an upper bound to rational choice that cannot be circumvented with a non-rigorous and teleological "as if" assumption. Clearly, given that the optimal choices are almost always not constructible the paradigm of rational behavior as optimizing behavior is deprived of any practical, operational or theoretical meaning. It isComputable Economicsthat provides the proper foundation for a formally rigorous and meaningful definition of rationality.

Suggested Citation

  • Stefano Zambelli, 2012. "Computable Economics: Reconstructing The Nonconstructive," New Mathematics and Natural Computation (NMNC), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 113-122.
    • Handle: RePEc:wsi:nmncxx:v:08:y:2012:i:01:n:s1793005712400078
    DOI: 10.1142/S1793005712400078
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    References listed on IDEAS

    as
    1. K. Vela Velupillai, 2008. "Uncomputability and Undecidability in Economic Theory," Department of Economics Working Papers 0806, Department of Economics, University of Trento, Italia.
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