In discussing modern macroeconomics, I’ve have often mentioned my discomfort with a narrow view of microfoundations, but I haven’t commented very much on another disturbing feature of modern macro: the requirement that theoretical models be spelled out fully in axiomatic form. 3,822 more words
Tags » David Hilbert
David Hilbert, mathematician (1862-1943)
‘We must know. We will know.’
And we will – through mysticism!
Godel (1906-78) demonstrated that certain forms of knowledge (such as axiomatic mathematical models) which depend on a closed system of referents cannot be proved without involving information from outside that system. 112 more words