Thomas A. Boylan, Paschal F. O’Gorman
Routledge; 1st edition
As a result of the fact that economics was unable to accurately foresee the most recent financial crisis, the widespread perception of economics as an exacting mathematical science has come under growing scrutiny. In the course of its historical development, the topic went down the wrong path and became excessively mathematical, which may help explain why it was unsuccessful. This one-of-a-kind booklet takes a fresh look at this path by drawing on the philosophy of mathematics.
The Philosophy of Mathematics and Economics: Image, Context, and Perspective (PDF) presents a reexamination of the various justifications offered for mathematical economics by some of the field’s most influential founders. However, the purpose of this research is not confined to only improving our comprehension of the process through which economics evolved into a mathematically-based applied science. The authors also conduct a critical analysis of recent developments in the philosophy of mathematics in order to demonstrate the inadequacy of certain aspects of mainstream mathematical economics. In addition, they make use of the same philosophy in order to suggest different ways of rigorously formulating economic theory that are applicable to our current digital age. This PDF booklet is an example of an innovative approach that was taken in an effort to gain a deeper comprehension of the intricacy of the interplay that exists between the progress made in the philosophy of mathematics and the formalization process in economics.
This work is significant to historians of economic thinking and professional philosophers of economics. It makes the assumption that the reader has no specialist knowledge in the philosophy of mathematics. In addition, it will be of great interest to people who seek to broaden their understanding of the economic features of modern society and this book will help them do just that. In addition, it is hoped that mathematical economists would find this work to be helpful as well as interesting.