Publications

@article{Mayumi2012,

title = {Response to “dimensions and logarithmic function in economics: A comment”},

author = {Kozo Mayumi and Mario Giampietro},

url = {https://linkinghub.elsevier.com/retrieve/pii/S0921800912000419},

doi = {10.1016/j.ecolecon.2012.01.018},

issn = {09218009},

year  = {2012},

date = {2012-03-01},

journal = {Ecological Economics},

volume = {75},

pages = {12--14},

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. textcopyright 2012 Elsevier B.V.},

keywords = {Cobb-Douglas function, Dimensions, Logarithmic function, Macroeconomics, Nicholas Georgescu-Roegen},

pubstate = {published},

tppubtype = {article}

}

@article{Mayumi2012a,

title = {Reconsideration of dimensions and curve fitting practice in view of Georgescu-Roegen's epistemology in economics},

author = {K. Mayumi and M. Giampietro and J. Ramos-Martin},

url = {https://ipe.ro/rjef/rjef4_12/rjef4_2012p17-35.pdf},

issn = {15826163},

year  = {2012},

date = {2012-01-01},

journal = {Romanian Journal of Economic Forecasting},

volume = {15},

number = {4},

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-Douglass 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 = {Cobb-Douglas function, Curve fitting, Dimensions, Econometrics, Logarithmic function, Macroeconomics, Nicholas Georgescu-Roegen, Transcendental production function},

pubstate = {published},

tppubtype = {article}

}

@article{Mayumi2010,

title = {Dimensions and logarithmic function in economics: A short critical analysis},

author = {Kozo Mayumi and Mario Giampietro},

url = {https://linkinghub.elsevier.com/retrieve/pii/S0921800910001138},

doi = {10.1016/j.ecolecon.2010.03.017},

issn = {09218009},

year  = {2010},

date = {2010-06-01},

journal = {Ecological Economics},

volume = {69},

number = {8},

pages = {1604--1609},

abstract = {When dealing with sustainability, we are concerned with the biophysical and the monetary aspects of economic and ecological interactions. This multidimensional approach requires that special attention is paid to dimensional issues. However, many studies in economics, as well as in ecological economics, apply dimensional numbers to exponential or logarithmic functions. We show first that it is an analytical error to put a dimensional number x into exponential functions (a x ) and logarithmic functions (log a x). We introduce several examples of this analytical error both in ecological economics and conventional economics. These observations are presented with the hope that they will orient future quantitative analyses toward more constructive ends. Since the empirical and theoretical studies in economics often adopt the logarithmic specification of the production and cost function, we derive a procedure or an algorithm, concerned with the given data set, by which we can examine whether or not a particular logarithmic specification is superior to the usual regression specification in terms of the least square norm. textcopyright 2010 Elsevier B.V. All rights reserved.},

keywords = {Dimensions, Econometrics, Logarithmic function, Logarithmic specification},

pubstate = {published},

tppubtype = {article}

}