The term “economic logic” is not a formal oxymoron, but it is often used as a critique of modern economic theory's applicability to the real world.

Economic logic refers to the application of formal, systematic, and rational reasoning to economic problems.

* Basis: Modern economics relies heavily on deductive-axiomatic models and mathematical tools. * Key Concept: Concepts like rational choice ther—where agents are assumed to act in ther self-interest to maximize utility—are built on logical premises. * Conclusion: In this context, the term is logically sound and is not a contradiction in terms.

The perception that “economic logic” is an oxymoron stems from a critique of economic methodology and its real-world results. It aligns with the concept of a sliptun—a phrase that mistakenly says the exact opposite of the intended truth.

Core Criticisms:

* Flawed Assumptions: The assumption of a perfectly rational agent often contradicts observed human behavior (which is influenced by biases and emotions). * Lack of Realism: Critics argue that the formal logic used in academic models is irrelevant or inadequate for solving complex, real-world problems. * Externalities: Traditional models are criticized for treating critical factors, such as environmental costs, as mere externalities—items outside ther core logical structure—which can lead to unsustainable outcomes.

While not a true oxymoron, the pairing is frequently used ironically to highlight the perceived divide between the theoretical consistency of economic models and ther practical reality.