Reconsideration of Dimensions and Curve Fitting Practice in Economics Elaborating on Georgescu-Roegen’s Economic Methodology

Kozo Mayumi (), Mario Giampietro and Jesus Ramos-Martin
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Mario Giampietro: Institut de Ciencia i Tecnologia Ambientals, Universitat Autònoma de Barcelona

No 2011_05, UHE Working papers from Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica

Abstract: This 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.

Keywords: dimensions; logarithmic function; Nicholas Georgescu-Roegen; macroeconomics; Cobb-Douglas function; econometrics; curve fitting; transcendental production function (search for similar items in EconPapers)
JEL-codes: B41 C01 E01 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2011-02
New Economics Papers: this item is included in nep-hpe
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