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Brooks Wilson's Economics Blog: Cochrane On Math and Logic in Economics

Friday, September 11, 2009

Cochrane On Math and Logic in Economics

John Cochrane gave a good explanation of why math is so important to economics in, "How did Paul Krugman get it so Wrong?"  He writes,
Math in economics serves to keep the logic straight, to make sure that the “then” really does follow the “if,” which it so frequently does not if you just write prose. The challenge is how hard it is to write down explicit artificial economies with these ingredients, actually solve them, in order to see what makes them tick.
If this sounds familiar to my students, then I have done a good job.
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