The use of mathematics in physics and economics

26 November, 2016 at 12:31 | Posted in Economics | Leave a comment

My idea is to examine the most well-known works of a selection of the most famous neoclassical economists in the period from 1945 to the present.

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My survey of well-known works by four famous mathematical neoclassical economists (Samuelson, Arrow, Debreu, Prescott) who all won the Nobel Prize for economics, has not revealed any precise explanations or successful predictions. This supports my conjecture that the use of mathematics in mainstream (or neoclassical) economics has not produced any precise explanations or successful predictions. This, I would claim, is the main difference between neoclassical economics and physics, where both precise explanations and successful predictions have often been obtained by the use of mathematics.

Donald Gillies

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