Quarterly Journal of Austrian Economics
Dimensions and Economics: Some Problems — Errata
Volume 7, No.1 (Spring 2004)
The economics profession has attempted to achieve the degree of success in understanding, explaining, and predicting events in the social world that physicists and engineers have achieved in the natural world by emulating their methods; i.e., using mathematical and statistical analyses to model, understand, and explain, the relevant phenomena. However, in so doing, economists have failed to emulate physicists and engineers in one essential aspect of their work: the consistent and correct use of dimensions. This is an abuse of mathematical/scientific methods. Such abuse invalidates the results of mathematical and statistical methods applied to the development and application of economic theory. This is not to say that there have not been advances in economic understanding by the neoclassicals, but rather to argue that mathematics is neither a necessary nor a sufficient means to such advances.
Cite This Article
Barnett, William II. "Dimensions and Economics: Some Problems — Errata." The Quarterly Journal of Austrian Economics 7, No. 1 (Spring 2004): 95–104.