Reconsideration of Dimensions and Curve Fitting Practice in Economics Elaborating on Georgescu-Roegen’s Economic Methodology
AbstractThis paper is to examine the proper use of dimensions and curve fitting practices elaborating on Georgescu-Roegen’s economic methodology in relation to the three main concerns of his epistemological orientation. Section 2 introduces two critical issues in relation to dimensions and curve fitting practices in economics in view of Georgescu-Roegen’s economic methodology. Section 3 deals with the logarithmic function (ln z) and shows that z must be a dimensionless pure number, otherwise it is nonsensical. Several unfortunate examples of this analytical error are presented including macroeconomic data analysis conducted by a representative figure in this field. Section 4 deals with the standard Cobb-Douglas function. It is shown that the operational meaning cannot be obtained for capital or labor within the Cobb-Douglas function. Section 4 also deals with economists’ ?curve fitting fetishism?. Section 5 concludes this paper with several epistemological issues in relation to dimensions and curve fitting practices in economics.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica in its series UHE Working papers with number 2011_05.
Length: 18 pages
Date of creation: Feb 2011
Date of revision:
Contact details of provider:
Postal: Edifici B, Campus UAB, 08193, Bellaterra, Barcelona, Spain
Phone: +34 935811203
Fax: +34 935812012
Web page: http://www.h-economica.uab.es
More information through EDIRC
dimensions; logarithmic function; Nicholas Georgescu-Roegen; macroeconomics; Cobb-Douglas function; econometrics; curve fitting; transcendental production function;
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ramos-Martin, Jesus & Giampietro, Mario & Mayumi, Kozo, 2007. "On China's exosomatic energy metabolism: An application of multi-scale integrated analysis of societal metabolism (MSIASM)," Ecological Economics, Elsevier, vol. 63(1), pages 174-191, June.
- Jesús Ramos Martín, 2003.
"Empiricism in ecological economics: a perspective from complex systems theory,"
UHE Working papers
2003_03, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
- Ramos-Martin, Jesus, 2003. "Empiricism in ecological economics: a perspective from complex systems theory," Ecological Economics, Elsevier, vol. 46(3), pages 387-398, October.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jesus Ramos-Martin).
If references are entirely missing, you can add them using this form.