ABSTRACT
Contemporary mainstream economics relies almost exclusively on certain methods of mathematical deductivist modelling; indeed it insists that formalistic modelling is the proper way to do economics. The sense in which various traditions like post Keynesians are heterodox is precisely that they reject the mainstream or orthodox doctrine that methods of mathematical modelling should be used more or less always. Some heterodox economists seem to focus on unrealisticness of mainstream conclusions others on the wildly unrealistic nature of mainstream assumptions. But enough has been said to account for the general empirical failings of modern mainstream economics with its emphasis on mathematical modelling. But there is an additional, institutional, problem that explains why the failings of mathematical modelling have not led to a flourishing of alternative approaches. The various specific constructive suggestions advanced are mostly interpretable as suggestions for revised formalistic models or formalistic modelling strategies and techniques.
