Compare Ricardian vice with the reductionism of late 19th century and discuss which is worse. Was...

Compare Ricardian vice with the reductionism of late 19th century and discuss which is worse. Was mathematics used in econoimcs for it is composed of quantifiable magnitudes or political economy was limited with quantifiable magnitudes to use mathematics?

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Expert Solution

Ricardian vice highlight the alleged habit of Ricardo introducing bold assumptions into already existing over simplified representation of economy. It refers to the building of abstract model using mathematical formula with unrealistic assumption. The theories which formed using this are mathematically beautiful but useless for practical application. This deductive method gives false result and invalid theories. This may destruct the true phenomenon into other false theories. Most of the economist used assumption while formulating theory. But these unrealistic theories cannot find accurate theory which give practical form. Reductionism describes the simplification of complex phenomenon with sufficient explanation. This concept also used a deductive method.
Several theories were formulated on the basis of reductionism. This will help the economists to make theory by using mathematical formula, with no usage in practical sense. The reductionism is not replacing the existing theory, it absorb the older one and reduce to basic terms. The reduction occurred in three parts, translation, derivation and explanation. On the one hand, this method can use to find the results very easily. On the other hand, this make false theorizes using beautiful mathematical formulas. Most of the economic theories are not practical in the current scenario. This can be reduced through the efficient analysis of the theory by experts. Formulation of economic theory faces several social constraints. So like assumption formulation most of the economists used this reductive method for finding the conclusion.

Rahul Sunny answered 2 months ago

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