Economics and Data Analysis

The field of economics is not exempt from the consequences of chaos and complexity. Marketplaces are indeterminate; value is subjective; and outcomes are subject to interpretation. Economic forecasting is just as nebulous, being based on the probability of statistical information that may or may not be accurate.

A great part of the progress of formal thought... has been due to the invention of what we may call stenophrenic, or short-mind, symbols. These... disengage the mind from the consideration of ponderous and circuitous mechanical operations and economise its energies for the performance of new and unaccomplished tasks of thought. And the advancement of those sciences has been most notable which have made the most extensive use of these... Here mathematics and chemistry stand pre-eminent. The ancient Greeks... even admitting that their powers were more visualistic than analytic, were yet so impeded by their lack of short-mind symbols as to have made scarcely any progress whatever in analysis. Their arithmetic was a species of geometry. They did not possess the sign for zero, and also did not make use of position as an indicator of value. ...The historical calculations of Archimedes, his approximation to the value of π, etc., owing to this lack of appropriate... symbols, entailed enormous and incredible labors, which, if they had been avoided, would... have led to [even] great[er] discoveries.

The terms synthesis and analysis are used in mathematics in a more special sense than in logic. In ancient mathematics they had a different meaning from what they now have. The oldest definition of mathematical analysis as opposed to synthesis is that given in Euclid, XIII. 5, which in all probability was framed by Eudoxus: "Analysis is the obtaining of the thing sought by assuming it and so reasoning up to an admitted truth; synthesis is the obtaining of the thing sought by reasoning up to the inference and proof of it."