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Cambridge Journal of Economics 26:63-80 (2002)
Copyright © 2002 Cambridge Political Economy Society

Article

Nominalising the numeric: an alternative to mathematical reduction in economics

Ken Dennis

University of Manitoba

Abstract

Mathematical reduction in economics is the attempt to reduce reasoning about human economic behaviour to the logic of numbers and numerical relations. The method of numerics shows how, in simple cases, the mathematical and non-mathematical components of economic theory can be both formally distinguished and integrated. However, in its compressed idiomatic form, this method treats numerics (the numerical terms in measuremental expressions) as determinatives (numerical adjectives) rather than as substantives. This paper shows how the numeric can be nominalised or given the grammatical status of a substantive. The method of numerics is then used to explore the fundamental flaws of mathematical reduction in economists' efforts to achieve logical rigour in the formalisation of economic theory.

Key Words: Nominalising • Numeric • Logical rigour • Mathematical economics


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