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How Capitalism, University and Mathematics as Institutions Shaped Mainstream Economics

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  • Yefimov, Vladimir

Abstract

The article shows that mainstream economics, which now includes such current as new institutional economics, is the result of an evolution shaped by three institutions (capitalism, university and mathematics) by imposing to the profession of economists their founding beliefs. These beliefs are: ‘laissez-faire’; ‘economic knowledge has a priori and exegetical character’; ‘all mathematical entities exist in reality’; ‘beauty is a criterion for theoretical constructions’; ‘scientific research is a play with axioms and rules of inference’. Because of these beliefs mainstream economics, based on mathematical constructions arbitrarily borrowed from the physics of the nineteenth century, remains cognitively sterile and socially detrimental.

Suggested Citation

  • Yefimov, Vladimir, 2012. "How Capitalism, University and Mathematics as Institutions Shaped Mainstream Economics," MPRA Paper 47920, University Library of Munich, Germany, revised 07 Jul 2013.
    • Handle: RePEc:pra:mprapa:47920
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    References listed on IDEAS

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    More about this item

    Keywords

    institution of economics; founding beliefs of institutions; capitalism as an institutional system; institution of university; institution of mathematics (of the discipline of mathematics);
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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