At the Physics and Physicists BlogEconomics Needs a Scientific Revolution.

I reply that my economic theory is based on three assumptions:

1) One's value scale is totally (linearly) ordered:

i) Transitive; p ≤ q and q ≤ r imply p ≤ r

ii) Reflexive; p ≤ p

iii) Anti-Symmetric; p ≤ q and q ≤ p imply p = q

iv) Total; p ≤ q or q ≤ p

2) Marginal (diminishing) utility, u(s), is such that:

i) It is independent of first-unit demand.

ii) It is negative monotonic; that is, u'(s) < 0.

iii) The integral of u(s) from zero to infinity is finite.

3) First-unit demand conforms to proportionate effect:

i) Value changes each day by a proportion (called 1+εj, with j denoting the day), of the previous day's value.

ii) In the long run, the εj's may be considered random as they are not directly related to each other nor are they uniquely a function of
value.

iii) The εj's are taken from an unspecified distribution with a finite mean and a non-zero, finite variance.

In my Non-Mathematical Explanation of the Axioms, I explain the reasoning behind and the applicability of my three axioms.

Socrates and Hume at Billiards is a simulated dialogue between Socrates and David Hume over a game of billiards in heaven. They are visited by a swami and a physicist, both of whom counsel Socrates on where his billiard ball will go after he hits it with his cue ball. Then, Socrates and Hume contrast these two quotations:

David Hume: "When I see, for instance, a billiard ball moving in a straight line toward another,... may I not conceive that a hundred different events might as well follow from that cause?... All these suppositions are consistent and conceivable. Why then should we give preference to one which is no more consistent or conceivable than the rest?"

Cristobal Young:Economics as Religion, which JP Bouchard mentions in his paper.

Pedro JZapper Zmust