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The Macroeconomics of Individual Action: A Mathematical Extension to Austrian Thought by [Walters, Derrel]
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The Macroeconomics of Individual Action: A Mathematical Extension to Austrian Thought Kindle Edition

3.3 out of 5 stars 3 customer reviews

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Length: 30 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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Product Details

  • 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
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  • Amazon Best Sellers Rank: #1,785,911 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Top Customer Reviews

By Harold M. Martin on October 16, 2015
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The author's heart is in the right place but his mathematics is horribly flawed. The number of problems with his function of Eq. 5 is simply insurmountable. Does he actually mean to use a Dirac delta function? In Eq. 6 he defines it as the sum of the individuals who do not act. If he really meant to use M. Dirac's function he would have defined as the sum of the a sub i's multiplied by the delta function. Let's assume that is what he wants.

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.
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This is a nice little book which attempts to put a bit of mathematical characterization of the idea of preferences, without a lengthy or complicated treatment of utility theory.
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.
Well done.
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Easy to understand and an eye opener to the human decision making process. Will read this a few more times to memorize it!
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