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.
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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
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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
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- 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.
- Ramos-Martin, Jesus, 2003.
"Empiricism in ecological economics: a perspective from complex systems theory,"
Elsevier, vol. 46(3), pages 387-398, October.
- 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.
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