December 10, 2003. ש Alfred Marshall on Mathematics in Economics.

Marshall wrote a famous letter on economics and mathematics that doesn't seem to have been on the web yet. I just posted it for my PhD IO class, and mention it here in case others are interested. The famous bit is this:

    But I know I had a growing feeling in the later years of my work at the subject that a good mathematical theorem dealing with economic hypotheses was very unlikely to be good economics: and I went more and more on the rules---(1) Use mathematics as a short-hand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life. (5) Burn the mathematics. (6) If you can't succeed in 4, burn 3. This last I did often.

He's wrong not to use mathematics as an engine of inquiry, but there's nonetheless something in what he says.

[ permalink, http://php.indiana.edu/~erasmuse/w/03.12.10b.htm ]

To return to Eric Rasmusen's weblog, click http://php.indiana.edu/~erasmuse/w/0.rasmusen.htm.