Mathematics in Economics: An Austrian Methodological Critique
Article first published online: 9 DEC 2009
© 2009 Blackwell Publishing Ltd.
Volume 33, Issue 1, pages 44–66, January 2010
How to Cite
Wutscher, R., Murphy, R. P. and Block, W. E. (2010), Mathematics in Economics: An Austrian Methodological Critique. Philosophical Investigations, 33: 44–66. doi: 10.1111/j.1467-9205.2009.01397.x
- Issue published online: 9 DEC 2009
- Article first published online: 9 DEC 2009
Even the briefest and most superficial perusal of leading mainstream economics journals will attest to the degree that mathematical formalism has captured the economics profession. Whereas up to the early 20th century virtually all of the output of the dismal scientists was in the literary format, by the early 21st century this is not at all any longer the case. Mathematical formalism is supposed to serve economics, and yet now true economic insight has been crowded out by the math. If mainstream neoclassical economics is to come back to its proper path, a far less central role for mathematical economics, statistics and econometrics will have to be fashioned.