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 |
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Authors: | William Barnett II |
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Institution: | (1) Joseph A. Butt, S. J. College of Business, Loyola University New Orleans, 6363 St. Charles Ave., New Orleans, LA 70118-6143, USA |
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Abstract: | 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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Keywords: | Operators Dimensions of operators and variables Indices Mathematical economics |
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