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Equivocation in Mathematical Economics

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  • Edward M. Miller

Abstract

Correct mathematical reasoning requires each word (or symbol) to have only one meaning. Because mathematical symbols do not carry with them associated definitions, the error of equivocation is easy to make. “Money†is used with multiple meanings in the standard textbook IS/LM apparatus, and in discussions of the Keynesian paradox of saving, and liquidity trap. Typically, no definition of money is consistent with both a fixed quantity of money and the holding of money for the speculative motive. Such errors can, and should be avoided by explicitly defining terms and stating which units are being used.

Suggested Citation

  • Edward M. Miller, 1993. "Equivocation in Mathematical Economics," The American Economist, Sage Publications, vol. 37(2), pages 62-67, October.
    • Handle: RePEc:sae:amerec:v:37:y:1993:i:2:p:62-67
    DOI: 10.1177/056943459303700211
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    References listed on IDEAS

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    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
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