On Economic Phenomenologies (memorandum)

NOTICE

• Related investigations on the line of Pareto and Mandelbrot are not treated
• DO NOT TRUST THE FOLLOWING

Examples

• Irving Fisher(1907) stated that nominal interest rate is approximated with sum of real interest rate and inflation rate
• When bookkeeping, we always sort incomes and expenses then add them up without worrying about non-extensiveness of value in money
• Also we compare profit of this quarter with previous quarter without worring about non-extensiveness of months in calender
• A phenomenological production function presented in Cobb-Douglas(1928) fitted well to actual statistics over 1899-1922 with correction coefficient 1.01: 1st degree homogeneity of production function requires constant return to scale
• (added) I'm still not sure but duality between price and quantity follows from usual convexity requirement of economic optimization (KKT condition)

TODO

• rewrite all above more formally