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Join Date: Feb 2010
Assuming diminishing returns produced economic models that could be
solved with the tools of calculus at hand, and their systems of equations settled down to a single, stable equilibrium. If one assumed increasing returns, the equations blew up, leaving the greater
part of mathematical economics in wreckage. As a result, economists restricted themselves to diminishing returns, which didnít present anomalies, and could be analyzed completely (Arthur, 1989).
Sound about right, if maths cannot solve the problem then the problem does not exist.
I ain't thirsty. There's plenty of fish in the sea, but I don't want all of them, can I have some standards? Or do we just have to settle, for someone's who meh and will do.