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Methodological Problems of Formalization in Economics

Author: Svetlana I. Ponomaryova


The article discusses the development prospects of economics and applicability of the fundamental macroeconomic models for the analysis of the Russian economy. The paper scrutinizes the critique of the neoclassical theory both by the followers of the hypothesis of crisis of economics and its opponents. The author points to the growing formalism, excessive mathematization and erosion of the essence of economics as a social science. The author looks at the history of formalization in economics and examines the methodological problems linked to this process. Particular attention is paid to the impact of the mathematical techniques on the content of economics and its forecasting functions. The conclusion is made that the methodology of modern economics is based on various means of cognition and some of them are not connected with mathematics. Finally, pedagogical aspects of mathematical formalization in economics are identified.

Keywords: formalization; mathematical formalization; methodology; neoclassical economics; heterodox economics; economic edication.

For citation:

Ponomaryova S. I. Metodologicheskie problemy formalizatsii ekonomicheskoy teorii [Methodological Problems of Formalization in Economics]. Izvestiya Uralskogo gosudarstvennogo ekonomicheskogo universiteta – Journal of the Ural State University of Economics, 2016, no. 1 (63), pp. 17–22.