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Theoretical and Applied Economics
No. 1 / 2010 (542)

The Moloch of Theory

„People dealing with mathematics do not use, in order to establish mathematic truth, any algorithm which can be known to be correct.”
Roger Penrose

The setup of the economy is a product of competing theoretical visions. Among other things which have been revealed by the current crisis, such as the inefficiencies of the policies for containing the recessive effects, we also find the structural inconsistency at the level of objective-functions of a real and nominal type, on one side, and these and the objective-function of the competitive market, on the other side. The context of the problem is assured by the fact that adversely defined theories provide essentially different axioms for the understanding of the functioning of the economy on the real and nominal levels, while the competitive market theory does not mediate the disputes and does not eliminate the alterations.

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The Moloch of Theory
Marin Dinu

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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