Theory of Economic growth

August 11, 2017
If we describe the concept of
Romer, Paul M. 2015. "Mathiness in the Theory of Economic Growth." American Economic Review, 105(5): 89-93.

DOI: 10.1257/aer.p20151066

Abstract

Mathiness lets academic politics masquerade as science. Like mathematical theory, mathiness uses a mixture of words and symbols, but instead of making tight links, it leaves ample room for slippage between statements in the languages of words as opposed to symbols, and between statements with theoretical as opposed to empirical content. Because it is difficult to distinguish machines from mathematical theory, the market for lemons tells us that the market for mathematical theory might collapse, leaving only machines as entertainment that is worth little but cheap to produce.

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Authors

Romer, Paul M. (NYU)

JEL Classifications

A11: Role of Economics; Role of Economists; Market for Economists
D72: Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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