The Use and Abuse of Mathematical Economics

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* I thank Hans Maks and Peter Senn for their helpful suggestions that I have incorporated into this paper. – “There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy.” (Hamlet, Act I, scene v) Content Mathematical economics as tunnel vision The semantics of mathematical equilibrium theory The subjectivity of statistical categories Problems, dilemmas and quandaries Mathematical economics as a distraction from economic reality The hypothetical “parallel universe” approach to economics Economics vs. the Natural Sciences: The methodology of “as if" Mathematizing the economy’s monetary and financial dimension BIBLIOGRAPHY “Whoever enters here must know mathematics.” That was the motto of Plato’s Academy. Emphasizing the Pythagorean proportions of musical temperament and the calendrical regularities of the sun, moon and planets, classical philosophy used these key ratios of ...