A Quote by James R Newman

Mathematical economics is old enough to be respectable, but not all economists respect it. It has powerful supporters and impressive testimonials, yet many capable economists deny that mathematics, except as a shorthand or expository device, can be applied to economic reasoning. There have even been rumors that mathematics is used in economics (and in other social sciences) either for the deliberate purpose of mystification or to confer dignity upon common places as French was once used in diplomatic communications.

James R Newman

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Applied Been Capable Common Communications Deliberate Deny Device Dignity Diplomatic Economic Economics Economists Either Enough Even Except French Impressive Many Mathematical Mathematics Old Old Enough Once Other Places Powerful Purpose Reasoning Respect Respectable Rumors Sciences Shorthand Social Social Science Social Sciences Supporters Used

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James R Newman
Mathematician
August 3, 1907 - May 28, 1966

It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, "Economics is what economists do," and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.

Kenneth E. Boulding

Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.

Mark Blaug

The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.

Paul Krugman

I can observe the game theory is applied very much in economics. Generally, it would be wise to get into the mathematics as much as seems reasonable because the economists who use more mathematics are somehow more respected than those who use less. That's the trend.

John Forbes Nash, Jr.

Economists operate with this image of the homo economicus, the rational economic agent, and while such agents are rare in the wider world, they are common in economics departments. Exemplifying the homo economicus paradigm, economists typically choose their research projects and hypotheses so as to promote their own careers, to maximize their lifetime income. This explains the astonishing pressures toward conformity in academic economics: how deviant views (except those by a few who have already achieved stardom) get crushed by an army of conformists.

Thomas Pogge

Game theory is a branch of, originally, applied mathematics, used mostly in economics and political science, a little bit in biology, that gives us a mathematical taxonomy of social life, and it predicts what people are likely to do and believe others will do in cases where everyone's actions affect everyone else.

Colin Camerer

The discipline of economics has yet to get over its childish passion for mathematics and for purely theoretical and often highly ideological speculation, at the expense of historical research and collaboration with the other social sciences.

Thomas Piketty

I started off thinking that maybe the social sciences ought to have the kinds of mathematics that the natural sciences had. That works a little bit in economics because they talk about costs, prices and quantities of goods.

Herbert A. Simon

The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.

Joan Robinson

As mathematics had been my best subject at school, my parents proposed - and I accepted - studies at the University of Lund in mathematics, statistics, and economics. The choice of the latter subject is said to be due to the fact that at the age of five years, I was very fond of calculating the cost of the various cakes my mother used to bake.

Bertil Ohlin

Critics of 'economic sciences' sometimes refer to the development of a 'pseudoscience' of economics, arguing that it uses the trappings of science, like dense mathematics, but only for show.

Robert J. Shiller

The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.

Paul Ormerod

...mathematics is distinguished from all other sciences except only ethics, in standing in no need of ethics. Every other science, even logic, especially in its early stages, is in danger of evaporating into airy nothingness, degenerating, as the Germans say, into an arachnoid film, spun from the stuff that dreams are made of. There is no such danger for pure mathematics; for that is precisely what mathematics ought to be.

Charles Sanders Peirce

Among the social sciences, economists are the snobs. Economics, with its numbers and graphs and curves, at least has the coloration and paraphernalia of a hard science. It's not just putting on sandals and trekking out to take notes on some tribe.

Michael Kinsley

The conclusion to which I am ever more clearly coming is that the only hope of attaining a true system of economics is to fling aside,once and forever, the mazy and preposterous assumptions of the Ricardian school. Our English economists have been living in a fool's paradise. The truth is with the French school, and the sooner we recognize the fact, the better it will be for all the world, except perhaps the few writers who are far too committed to the old erroneous doctrines to allow for renunciation.

William Stanley Jevons

Economics, over the years, has become more and more abstract and divorced from events in the real world. Economists, by and large, do not study the workings of the actual economic system. They theorize about it. As Ely Devons, an English economist, once said in a meeting: 'If economists wanted to study the horse, they wouldn't go around and look at horses. They'd sit in their studies and say to themselves, `What would I do if I were a horse?' '

Ronald Coase

A Quote by James R Newman

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