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Mathematics in Economics: An Austrian Methodological Critique

Authors

  • Robert Wutscher,

    Corresponding author
    1. Institute for Energy Research
      Robert Wutscher
      3 Warblers Close
      Constantia 7806
      South Africa
      rwutscher@telkomsa.net
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  • Robert P. Murphy,

    Corresponding author
    1. Institute for Energy Research
      Robert Murphy
      Institute for Energy Research
      505 Harpeth Oaks Court
      Nashville, TN 37221
      bob.murphy.ancap@gmail.com
    Search for more papers by this author
  • Walter E. Block

    Corresponding author
    1. Loyola University New Orleans
      Walter E. Block
      Joseph A. Butt, S.J. College of Business
      Loyola University New Orleans
      6363 St. Charles Avenue, Box 15, Miller Hall 318
      New Orleans, LA 70118
      wblock@loyno.edu
    Search for more papers by this author

Robert Wutscher
3 Warblers Close
Constantia 7806
South Africa
rwutscher@telkomsa.net

Robert Murphy
Institute for Energy Research
505 Harpeth Oaks Court
Nashville, TN 37221
bob.murphy.ancap@gmail.com

Walter E. Block
Joseph A. Butt, S.J. College of Business
Loyola University New Orleans
6363 St. Charles Avenue, Box 15, Miller Hall 318
New Orleans, LA 70118
wblock@loyno.edu

Abstract

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.

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