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Comment by vezzy-fnord

Criticisms of mathematical modeling in economics were most definitely given by Mises and Hayek. Historian of economic thought Mark Blaug was also very critical of how neoclassical production theory (particularly Edgeworth's formulation) distorted the meaning of "competition" from a dynamic process to a quantity. Ironically, it is the same far-left heterodox demagogues like Varoufakis (though he's hardly the worst) who nevertheless use it in this sense to argue for mercantilist programs. Neoclassical when it suits them, heterodox when it doesn't.

Anyone who uses the term "neoliberalism" is a charlatan. It is an absurd conspiracy theory that has since blown into an amorphous meme out of Marxist historiographers who struggle with the explanatory power (or lack thereof) of their framework.

Mathematical models do have their uses in formalizing assumptions and analyzing dependencies, so they're not all bad, even if the Cowles Commission did go overboard.

(Also let's not forget that the modern methodology of economics came as a result of the Keynesian research program, particularly since Hicks (1937)'s introduction of IS-LM, first modeled by Keynes himself in 1933 as four simultaneous equations.)

parent vezzy-fnord 10 years ago

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