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Thanks, Frank, that's a very good comment. And this is one of my hobby horses: linear algebra is used in many disparate fields of applied mathematics because it is convenient, not because it is the best model.

Frank Schnittger:

The linear mathematics Migeru refers to works well at the micro level, in a liquid market, but breaks down at the macro level when everybody, or a significant proportion (= <1% of the total population) are trying to do the same thing.
It is patent nonsense to value the whole by the price at the margin. What that implies for marginalist macroeconomics is left as an exercise for the readr.

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris
by Migeru (migeru at eurotrib dot com) on Mon Mar 24th, 2008 at 08:17:16 PM EST
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