Introducing Formalism in Economics: The Growth Model of John von Neumann

Authors

  • Sandye Gloria-Palermo University of Nice-Sophia-Antipolis, CEMAFI Research Department, France

DOI:

https://doi.org/10.2298/PAN1002153G

Keywords:

Von Neumann, Growth model, Formalist revolution, Mathematical formalism, Axiomatics

Abstract

The objective is to interpret John von Neumann's growth model as a decisive step of the forthcoming formalist revolution of the 1950s in economics. This model gave rise to an impressive variety of comments about its classical or neoclassical underpinnings. We go beyond this traditional criterion and interpret rather this model as the manifestation of von Neumann's involvement in the formalist programme of mathematician David Hilbert. We discuss the impact of Kurt Gödel’s discoveries on this programme. We show that the growth model reflects the pragmatic turn of the formalist programme after Gödel and proposes the extension of modern axiomatisation to economics.

Key words: Von Neumann, Growth model, Formalist revolution, Mathematical formalism, Axiomatics.
JEL: A12, B23, B41, C02.

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Published

2010-10-10

How to Cite

Gloria-Palermo, S. (2010). Introducing Formalism in Economics: The Growth Model of John von Neumann. Panoeconomicus, 57(2), 153–172. https://doi.org/10.2298/PAN1002153G

Issue

Section

Original scientific paper