Econometrica: Jan 1954, Volume 22, Issue 1

Puissance et Dangers de l'Utilisation de l'Outil Mathematique en Economique

https://doi.org/0012-9682(195401)22:1<58:PEDDLD>2.0.CO;2-W
p. 58-71

M. Allais

It is the purpose of the following study to review as far as possible not only the immense advantages but also the possible dangers in the use of mathematics in economics. This study was written and submitted to ECONOMETRICA before Professor Morgenstern sent the Council of the Econometric Society his recent suggestions regarding the conditions that ought to be required for election to the Fellows of the Society and in which he emphasized the danger in economics of a purely abstract orientation. The present study is concerned with this same problem. As one of the most eminent members of the Econometric Society wrote me regarding this study: "The only thing that troubles me is that most of this is so crystal clear, so self-evident that it nearly seems superfluous to bring it to the attention of the readers. However, when I think of the Kind of arguments and the kind of thinking that is currently going on, I realize that what appears self-evident to us does not have the same character for others."

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