ECON 2P30 Lecture : Chapter1.pdf

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Department of economics, brock univer- sity, 500 glenridge ave. , st. catharines, ontario, l2s 3a1, canada. Latexdocumentation system using the xy-pic, mnsymbol, and the simpsons packages. The thinking within the framework of mathematics falls under the class of reasoning known as deductive reasoning. That is, conclusions are drawn applying the rules of logic based on an assumed set of statements granted to be true. Naturally, given a set of assumptions, conclusions drawn will need to be proven true. As a result, if the conclusions from a particular theory are inconsistent with observed reality, or empirical evidence, the error is not in the theory but rather, on the assumptions. For example, consider the following two statements: birds cannot y, a crow is a bird. Then, it is logically correct, and consistent, to conclude that crows cannot. The deduced conclusion (that crows cannot y) is true despite our every- day observation that indeed crows do y.

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