Title of article :
Response to “dimensions and logarithmic function in economics: A comment”
Author/Authors :
Mayumi، نويسنده , , Kozo and Giampietro، نويسنده , , Mario، نويسنده ,
Abstract :
This piece is a response to Chilarescu and Viasu’s comment on our previously published article in Ecological Economics. We give an analytical expression of the logarithmic function and show that putting a number with dimensions in logarithmic function does violate the principle of dimensional homogeneity: dimensionally different numbers cannot be summed up. We present other examples of this analytical error, including several by Nobel Prize winners in Economics. We show that Proposition 1 by Chilarescu and Viasu is too obvious to be necessary to prove. We briefly touch on the hidden analytical fallacy associated with empirical works in economics that extensively use Cobb-Douglas or CES production function.
Keywords :
Dimensions , Logarithmic function , Cobb–Douglas function , Macroeconomics , Nicholas Georgescu-Roegen
Journal title :
Astroparticle Physics