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Douglass North is a pivotal figure in the development of the 'new' economic history as well as the 'new' institutional economics. However, the relationship between these two aspects of his thinking remains undeveloped in previous critical assessments of North's work. The relationship is...
Persistent link: https://www.econbiz.de/10008691577
Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic … theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But … mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics …
Persistent link: https://www.econbiz.de/10009219429
Economic theories are systems of beliefs about the world. Models formalize parts or aspects of theories but leave much of their content out. An example of a component of theories not contained in models are the instructions for how to proceed when a model fails (in Lakatos' terms the 'positive...
Persistent link: https://www.econbiz.de/10009219466
Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic … theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But … mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics …
Persistent link: https://www.econbiz.de/10009219473
Three points are made in this article. First, it is argued that general equilibrium theory should not be limited to the …
Persistent link: https://www.econbiz.de/10009219475