- File Size: 2077 KB
- Print Length: 30 pages
- Simultaneous Device Usage: Unlimited
- Publisher: Derrel Walters (May 20, 2013)
- Publication Date: May 20, 2013
- Sold by: Amazon Digital Services LLC
- Language: English
- ASIN: B00CXADK2A
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Enabled
- Amazon Best Sellers Rank: #1,785,911 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
The Macroeconomics of Individual Action: A Mathematical Extension to Austrian Thought Kindle Edition
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Top Customer Reviews
Proceeding then there is a function at Eq. 5 which contains a delta function at P = 0 followed by a single other value which is that of the summation. Now the value of the summation in Eq, 5 could be of any value since it is the sum of a collection of probabilities of an undefined number of actors. It does not matter whether it falls in the range [0,1]. The function of Eq. 5 is identically zero at all points except at zero and at the value of that summation. The summation value is a discrete value change from a function which is otherwise zero for all non-zero values of probability. Only the delta function at zero will make a contribution so that the value of Eq. 7 is nothing more than the number of people who do not act.
Have I assumed too much by saying that he means to use a Dirac delta function? Then his delta function may must be meant to be the sum of non-actors. Then there is a function which has only two discrete values so it's integral over any range is identically zero.
I think the author means well. However he should really rethink his analysis and try again.
Fans of Austrian economics know that it is in general non-mathematical, and so this book offers a nice and light hypothesis on how a mathematical treatment of preferences might be handled.