Austrian and Mainstream Economics on Mathematics – a Comment on Pieniążek (2018)
Austrian and Mainstream Economics on Mathematics – a Comment on Pieniążek (2018)
Author(s): Mateusz MachajSubject(s): Economy, Methodology and research technology, Policy, planning, forecast and speculation
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: Pieniążek; economy; theory; Austrian economics; mainstream economics; methods;
Summary/Abstract: The greatest value of Pieniążek’s piece (2018) is its discussion about some of the failed arguments against the tools used in the “mainstream economics” (I have reservations whether to use that term or not; perhaps “neoclassical” would be a better term). Particularly targeted are mostly Mises and Rothbard’s general attacks on the usage of mathematics. Some of the important and relevant points made by the author are about outdated nature of anti-mathematical arguments (models have changed) and about their incorrectness even in the past circumstances, such as in case of “mutual dependence” as opposed to causality (for example Pieniążek 2018, p. 220). The general conclusion to be drawn from those inquiries seems to be firm and overall correct: Austrians have not made ultimate general arguments about the misusage of mathematical methods in economics. So far so good.
Journal: Ekonomista
- Issue Year: 2019
- Issue No: 2
- Page Range: 255-260
- Page Count: 6
- Language: English
