The general equilibrium theory as economic metatheory

Bibliographic Data

ID4777358
AuthorsMauricio Luperi (Fundação Getulio Vargas, corresponding author), Mauricio Martinelli Luperi (0009-0007-1969-0098, Fundação Getulio Vargas)
Year2015
Volume35
Issue2
Pages306-324
Publication date2015-06-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueBrazilian Journal of Political Economy (JOURNAL)
Journal identifiersISSN: 0101-3157 • E-ISSN: 1809-4538
PublisherFapUNIFESP (SciELO) (PUBLISHER)
DOI10.1590/0101-31572015v35n02a06
OpenAlexW2473365794
SCIELO_PIDS0101-31572015000200306
LanguageEN
Citations received1
References cited3

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

Criticism · Economics · Epistemology · Focus (optics · General equilibrium theory · Mainstream · Mathematical economics · Metatheory · Microeconomics · Neoclassical economics · Positive economics · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Law · Philosophy

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