Variations on the Theme of Conning in Mathematical Economics
Velupillai, K. Vela
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Velupillai,K.V. (2006) "Variations on the Theme of Conning in Mathematical Economics" (Working Paper No. 0112) Department of Economics, National University of Ireland, Galway.
The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples: dynamics, policy and rational expectations and learning. The focus is on the role and reliance on standard fixed point theorems in orthodox mathematical economics.