Fallacy of Composition: Chimeric of Variable and Parameter
A great problem of economics is an abundancy of misnomers, misleading, oxymoronic or outright deceptive. One out of so many is the so-named “exogenous variable.” It should be called parameter instead. The two of “variable” and “parameter” are different species, period. By definition in mathematics all variables are endogenous , or internally related. On the contrary, a parameter is external, or “exogenous” to the intrarelationship. By practice in mathematics, in addition, all variables and parameters go naked, with no dimensions of any kind and no scales of any degree. Neither a specific name nor a title, either. By the wayside, such names as “dependent” and “independent” of variables are sheer “in name only”: equations are silent to the causality of science. As opposed to mathematics, the nature and the economy have dimensi...