Formalising economics: social change, values, mechanics and mathematics in economic discourse

The mathematisation and formalisation of economic science has been one of the most important features of the development of economic science in the latter part of the twentieth century. What were the causes behind this ubiquitous mathematisation of economic science? Recent scholarship places excessive emphasis on the role and prestige of mathematics as a scientific tool. In this paper we argue this is inadequate, not least because it fails to account for the whole classical era when mathematical economists failed to have any impact. Explaining this failure is one of the main aims of this paper. Most accounts focus mostly on the intellectual factors involved failing to do justice to what amounts to a multifaceted and complicated phenomenon involving social, economic, political, intellectual, normative and institutional factors. Partly redressing the balance by bringing to the fore the various factors involved is the other prime aim of this paper.