Dimensional Analysis in Economics: A Study of the Neoclassical Economic Growth Model

Miguel Alvarez Texocotitla (), M. David Alvarez-Hernández and Shaní Eneida Alvarez-Hernández

Journal of Interdisciplinary Economics, 2019, vol. 32, issue 2, 123-144

Abstract: The fundamental purpose of the present research article is to introduce the basic principles of dimensional analysis in the context of the neoclassical economic theory, in order to apply such principles to the fundamental relations that underlay most models of economic growth. In particular, basic instruments from dimensional analysis are used to evaluate the analytical consistency of the neoclassical economic growth model. The analysis shows that an adjustment to the model is required in such a way that the principle of dimensional homogeneity is satisfied. JEL: A12, C02, C65, O40

Keywords: Dimensional analysis; mathematical economics; economic growth models; econophysics (search for similar items in EconPapers)
Date: 2019
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Working Paper: Dimensional Analysis in Economics: A Study of the Neoclassical Economic Growth Model (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jinter:v:32:y:2019:i:2:p:123-144

DOI: 10.1177/0260107919845269

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