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The general equilibrium theory as economic metatheory

See on Scoop.itBounded Rationality and Beyond

http://www.rep.org.br/PDF/139-6.PDF
Many economists show certain nonconformity relative to the excessive mathematical 
formalization of economics. This stems from dissatisfaction with the old debate 
about the lack of correspondence between mainstream theoretical models and 
reality. Although we do not propose to settle this debate here, this article seeks to 
associate the mismatch of mathematized models with the reality of the adoption of 
the hypothetical-deductive method as reproduced by general equilibrium. We begin 
by defining the main benefits of the mathematization of economics. Secondly, we address 
traditional criticism leveled against it. We then focus on more recent criticism 
from Gillies (2005) and Bresser-Pereira (2008). Finally, we attempt to associate the 
reproduction of the hypothetical-deductive method with a metatheoretical process 
triggered by Debreu’s general equilibrium theory. In this respect, we appropriate the 
ideas of Weintraub (2002), Punzo (1991), and mainly Woo (1986) to support our 
hypothesis.

See on linkedin.com



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