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Old 10-27-2012, 01:18 PM   #57957
kayb
 
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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.
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