EconPapers: Keynes on Mathematics: Philosophical Foundations and Economic Applications

Keynes's hostility was aroused not by mathematics itself, but by pseudo-mathematics, or the failure to respect the nature and applicability of formal methods. Underlying Keynes's views is his distinctive philosophical framework, and the principle that logic (or philosophy) should precede and supervise the application of mathematics.

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THE USE OF MATHEMATICS IN ECONOMICS

Mathematical tools have allowed many advances in economic theory. But at the same time, the difficulty in combining pure theory with applied economics has allowed the two strands to proceed according to different agendas. Even so, there are elements in common (presumption of equilibrium, fixity of meaning of terms and of the objects of measurement, etc) which provide the basis for mathematical treatment, but which nevertheless are controversial. Much of this issue boils down to the question of how far a study of complex social systems is amenable to the (mathematical) methods of analysis adopted by the physical sciences.