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William Stanley Jevons: The Theory of Political Economy: Chapter 1: Part 2
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William Stanley Jevons: The Theory of Political Economy: Chapter 1: Part 2

The Theory of Political Economy: Introduction

Confusion Between Mathematical and Exact Sciences

  • Many individuals harbor a prejudice against mathematical language due to a misunderstanding between mathematical sciences and exact sciences.
  • There is a belief that calculations should only be made with precise data, but in reality, no science can claim absolute precision; even astronomy, which is considered more exact, relies on approximate methods.
  • All scientific solutions involve hypotheses that are not entirely true. For example, the assumption that Earth is a smooth spheroid simplifies complex problems but remains an approximation.
  • Physicists often develop mathematical theories ahead of available data. An example includes Aries' theory of tides, which lacks numerical verification due to unknown variables in ocean contours.
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The Theory of Political Economy: Chapter 1: Introduction Part 2: Confusion between Mathematical end Exact Sciences William Stanley Jevons (1835-1882) was an English economist and logician. In his book "The Theory of Political Economy" which was written in 1888, Jevons covers many topics including: Utility, Exchange, Labour, Rent, Capital and many other interesting subject. Let's find out together as we uncover the fascinating theories proposed by Jevons. Want to own a copy of this book? https://www.amazon.ca/Theory-Political-Economy-William-Stanley/dp/1974590119/ref=sr_1_2?crid=TIX4QXE5NTC1&dchild=1&keywords=theories+of+political+economy&qid=1602992352&sprefix=theory+of+economy%2Caps%2C245&sr=8-2 Read it for free here: https://mises.org/library/theory-political-economyhttps://mises.org/library/theory-political-economy Photo used is from: https://en.wikipedia.org/wiki/William_Stanley_Jevons#/media/File:Picture_of_jevons.jpg Don't forget to like and subscribe! What should I read next? Let me know in the comments below!