Most standard economics assumes that the relationships we are trying to understand can be captured by a continuous function that’s smooth and twice differentiable. What the Austrian analytics suggests is that life is not actually a continuous and smooth function that’s twice differentiable, but instead a lumpy function, a discrete function, in which there are all kinds of difficulties in the ability for us to model them the way our standard approach does.
Posted from WordPress for Android
Pingback: Need a primer in Austrian economics? | Publius Online
Pingback: Need a primer in Austrian economics? [video clip] | Publius Online