Quarterly Journal of Austrian Economics

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Operators are not Parameters, the Dimensions of Operators and Variables Must be Invariant, and Indices may not be Dimensioned: Rejoinder to Professors Folsom and Gonzalez

  • The Quarterly Journal of Austrian Economics
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Tags Philosophy and Methodology

07/30/2014William Barnett II

Volume 11, No. 2 (2008)

 

What is certain is that mathematics cannot possibly be a valid means (to advances in economic understanding) unless and until it is used properly. That means that dimensions must be used consistently and correctly. Barnett (Barnett, Quart J Austrian Econ, pp. 27–46, 2003) is about problems with the use of mathematics in economics involving the failure to use dimensions/units consistently and correctly. Professor Emeritus Folsom and Professor Gonzalez (Folsom and Gonzalez, Quart J Austrian Econ, pp. 45–65, 2005), hereinafter F&G, say, essentially, that what is correct therein is not new and that what is new is not correct. Additionally, they imply, by raising them, that I did not address issues that I should have, e.g., how to introduce dimensions into introductory economics and problems with the Cobb-Douglas (CD) function unrelated to dimensions. Herein, because of space limitations, I respond only to some of their criticisms. Responses to others are posted on the Ludwig von Mises Institute Working Papers site.

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Cite This Article

Barnett, William II. "Operators are not Parameters, the Dimensions of Operators and Variables Must be Invariant, and Indices may not be Dimensioned: Rejoinder to Professors Folsom and Gonzalez." The Quarterly Journal of Austrian Economics 11, No. 2 (2008): 132–143.

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