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Dimensions and Economics: Some Problems

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07/30/2014William Barnett II
 

Volume 6, No. 3 (Fall 2003)

 

The first sections of this paper consider, respectively, the following two problems that arise when dimensions are not correctly included in economic models: (1) those that are meaningless or economically unreasonable; and,
(2) those that are inconstant—i.e., the same constant or variable having different dimensions, as if velocity were sometimes measured in meters per second and other times measured in meters only or in meters squared per second. The third section provides a macroeconomic example of the 'dimensions problem” from an article in a recent issue of a leading English language economics journal. Section four contains a discussion; and the final
section, the conclusions.

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Barnett, William II. "Dimensions and Economics: Some Problems" The Quarterly Journal of Austrian Economics 6, No. 3 (Fall 2003): 27–46