Compare Ricardian vice with the reductionism of late 19th century and discuss which is worse. Was...

Compare Ricardian vice with the reductionism of late 19th century and discuss which is worse. Was mathematics used in econoimcs for it is composed of quantifiable magnitudes or political economy was limited with quantifiable magnitudes to use mathematics?

Expert Solution

Ricardian vice highlight the alleged habit of Ricardo introducing bold assumptions into already existing over simplified representation of economy. It refers to the building of abstract model using mathematical formula with unrealistic assumption. The theories which formed using this are mathematically beautiful but useless for practical application. This deductive method gives false result and invalid theories. This may destruct the true phenomenon into other false theories. Most of the economist used assumption while formulating theory. But these unrealistic theories cannot find accurate theory which give practical form. Reductionism describes the simplification of complex phenomenon with sufficient explanation. This concept also used a deductive method.
Several theories were formulated on the basis of reductionism. This will help the economists to make theory by using mathematical formula, with no usage in practical sense. The reductionism is not replacing the existing theory, it absorb the older one and reduce to basic terms. The reduction occurred in three parts, translation, derivation and explanation. On the one hand, this method can use to find the results very easily. On the other hand, this make false theorizes using beautiful mathematical formulas. Most of the economic theories are not practical in the current scenario. This can be reduced through the efficient analysis of the theory by experts. Formulation of economic theory faces several social constraints. So like assumption formulation most of the economists used this reductive method for finding the conclusion.

Rahul Sunny answered 8 months ago

US History. Discuss the farm crisis of the late 19th century. What were the issues and...

US History. Discuss the farm crisis of the late 19th century. What were the issues and how did the Farmers' Alliances/Populists seek to fix them. Were they successful

As some of the most assimilated Indians in the late 19th century, Keetoowah Band of Allotment...

As some of the most assimilated Indians in the late 19th century, Keetoowah Band of Allotment ended treaty relations with Indians. True or false? Richard Henry Pratt was best known as which of the following? Felix Cohn was best known as which of the following? The Ghost Dance was only influential among the Sioux? True or false? The Indian Regulatory Act (IRA) ended the policy of Allotment. true or false? Wovokas message blended Christian and traditional native American religious beliefs....

Write one question they have regarding the rise of industrial capitalism in the late-19th century to...

Write one question they have regarding the rise of industrial capitalism in the late-19th century to its taming in the early-20th century,

Compare and contrast the second industrial revolution (late nineteenth century to the early twentieth century) to the first industrial revolution (late eighteenth century to the early nineteenth century)

Compare and contrast the second industrial revolution (late nineteenth century to the early twentieth century) to the first industrial revolution (late eighteenth century to the early nineteenth century).

Discuss the economics of slavery in the 19th century during the cotton gin.

Discuss the extent to which US policy in Latin America in the late-nineteenth century and the...

Discuss the extent to which US policy in Latin America in the late-nineteenth century and the first half of the twentieth century was representative of the tendency toward globalization and discuss the kind of globalization it represented.

Gresham’s law describes that “bad currency drives out good currency”. For example, in late 19th century,...

Gresham’s law describes that “bad currency drives out good currency”. For example, in late 19th century, the value of gold became increasingly cheaper in terms of silver. Gold became the bad currency and eventually drives out silver out of the international payment system. Please apply the Gresham’s law to the issue of bitcoin and forecast whether bitcoin will replace US dollars or other major currencies. Make sure to use fact to support your statement.

Discuss whether hardcore of neoclassical economy is the adoption of the 19th century physics as a...

Discuss whether hardcore of neoclassical economy is the adoption of the 19th century physics as a rigid paradigm. Even though physics has always affected political economy, what mattered?

Your family purchased 118 Mulberry Street, New York City in the late 19th century (approximately 1882)...

Your family purchased 118 Mulberry Street, New York City in the late 19th century (approximately 1882) when that area was known as “Little Italy” and the area was primarily the home for Italian immigrants. A member of your family has continuously owned that building since then. The original purchase price was $ 4,250. There has not been a mortgage on the building for many years. Your immediate family now controls the building through inheritance. The only costs are building maintenance,...

US History. analyze the laissez-faire system of the late 19th century. Your essay should have 3...

US History. analyze the laissez-faire system of the late 19th century. Your essay should have 3 parts. One paragraph should explain laissez-faire, one paragraph should explain the benefits of this system, on paragraph should explain the costs (who was hurt). You conclusion should, ultimately, recommend what – if anything – you would change.

Question