Economics lies by omission

When I studied economics at the University of New England back in the late 80’s, we all had to trot off to the mathematics department to be taught differential calculus and strategies for solving simultaneous equations. The application to economics of these mathematical techniques enabled us to find things like the points of equilibrium on supply and demand curves or where the marginal propensity to save or spend might kick in. On the first day in the lecture theatre a reasonably bemused mathematics lecturer made the pithy observation that there was no way economists could prove anything about a multidimensional society with billions of participants by using a two dimensional diagram drawn

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© 2016 by DOC WHITE