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  Volume 6, No. 1 (Spring 2003)   Neoclassical utility functions are an invalid means of analyzing consumer behavior for three reasons: first, and most important, because such functions, and their attendant rankings, are cardinal, not ordinal in nature; second, because, with respect to the set of bundles relevant to actual human beings, such

  Volume 6, No. 3 (Fall 2003)   The first sections of this paper consider, respectively, the following two problems that arise when dimensions are not correctly included in economic models: (1) those that are meaningless or economically unreasonable; and, (2) those that are inconstant—i.e., the same constant or variable having different

  Volume 7, No.1 (Spring 2004)   It is pretty well established within Austrian economics that the optimum quantity of money is whatever level is established at any given time. The logical implication of this claim is that any amount of the commodity that intermediates trade will do as well as any other in acquitting this task. This being the case,

  Volume 7, No.1 (Spring 2004)   The economics profession has attempted to achieve the degree of success in understanding, explaining, and predicting events in the social world that physicists and engineers have achieved in the natural world by emulating their methods; i.e., using mathematical and statistical  analyses  to model, understand, and

  Volume 8, No. 2 (Summer 2005)   Selgin and White commence their defense of monetary systems with fractional-reserve banking, provided they are based on gold specie money. They argue that such systems are both ethically and economically defensible. With respect to the economics of the matter, they address several issues. We consider them in the

  Volume 9, No. 1 (Spring 2006)   What sets Austrians apart from mainstream economists is methodology and consequent  analyses . The first section contains an analysis of their methods, which are found wanting. Although G&V “tip their hats” to Austrian economics, in section two, “Incompatibility with Austrian Economics,” we challenge their claim

  Volume 9, No. 3 (Fall 2006)   Rothbard (1993,  pp . 638–45) refuted the important economic fallacy that excess  capacity is a normal consequence of profit maximizing behavior by businesses in some industries when they are in long-run equilibrium. And, in so doing provided a manifest example of misuse of mathematics in modern economics.

Volume 15, No. 2 (Summer 2012) Transitivity in economics maintains that if  a  is preferred to  b , and  b  to  c , then a must also be preferred to c. The problem with this is that these three decisions are made at different points of time, and tastes may have changed in the interim. The difficulty with a rejection of transitivity (which

Volume 11, No. 2 (2008)   What is certain is that mathematics cannot possibly be a valid means (to advances in economic understanding) unless and until it is used properly. That means that dimensions must be used consistently and correctly. Barnett (Barnett, Quart J Austrian Econ,  pp . 27–46, 2003) is about problems with the use of mathematics in

William Barnett II Subjective Cost Revisited