Axiomatics in Economics

Abstract

A correspondent who heard me talk last year about Economics as an Inductive Science interpreted me as saying axiomatic theories are useless. Since I neither said nor intended to say anything of the sort, I answered him to that effect, and shortly after received a second note to inform me that in any event my published address [13] did little but disparage neowalrasian theory, a charge I had no wish to deny. So his question was Why did you so disparage neowalrasian analysis?, and my answer was: Because I think neowalrasian' theory has been generally deleterious to the advancement of economic science. Although that remark is dated, the sentiment it expresses has not changed. I know my 1993 address struck some as concerned more with generalities than specifics; so I have no one but myself to blame if what I considered refutations were regarded by some as fulminations [57, 96]. In the discussion that follows, I focus on specifics, hoping thereby to persuade readers that my unsupportive attitude towards neowalrasian theory deserves to be emulated by all thoughtful economists.