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MATHEMATICAL FORMALISM IN ECONOMICS: CONSEQUENCES AND ALTERNATIVES 1
Author(s) -
Pratten Stephen
Publication year - 2004
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2004.00471.x
Subject(s) - mainstream , formalism (music) , positive economics , mainstream economics , epistemology , economics , neoclassical economics , sociology , management science , social science , political science , applied economics , philosophy , law , literature , art , musical
The blinkered insistence upon formalistic modelling has prevented economics from developing in a way that helps us understand the world in which we live. There are alternative approaches to the study of economics that do not use the formal, often closed‐form, models that contemporary mainstream academic economists rely upon. These provide a more promising avenue for future teaching and research.