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Iceland Votes Against Austerity: Analysis of Iceland's Debt-GDP Data (2002-2012)

Iceland Votes Against Austerity: Analysis of Iceland's Debt-GDP Data (2002-2012)

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The great Debt/GDP and austerity debate is revisited here, in the light of the recent Iceland election results, by appealing to baseball statistics (Babe Ruth’s batting performance) and Einstein’s work function from physics. The linear law y = hx + c relates the GDP x and the Debt y. The slope h is the rate of change of debt with respect to the GDP and is often found to be a constant. The nonzero intercept c in this law like the “work function” in Einstein’s photoelectric law, which tells us something about the “difficulty” of producing an electron from a metal using a photon of a fixed energy. Babe Ruth’s work function tells us about the difficulty of producing Hits (H) as At Bats (AB) increase. Likewise we must deal with a work function in many other problems as well. This also affects the behavior of the y/x ratios, like the Debt/GDP ratio when we consider various economies and the conclusions (often divisive) that we draw from our (x, y) observations.
The great Debt/GDP and austerity debate is revisited here, in the light of the recent Iceland election results, by appealing to baseball statistics (Babe Ruth’s batting performance) and Einstein’s work function from physics. The linear law y = hx + c relates the GDP x and the Debt y. The slope h is the rate of change of debt with respect to the GDP and is often found to be a constant. The nonzero intercept c in this law like the “work function” in Einstein’s photoelectric law, which tells us something about the “difficulty” of producing an electron from a metal using a photon of a fixed energy. Babe Ruth’s work function tells us about the difficulty of producing Hits (H) as At Bats (AB) increase. Likewise we must deal with a work function in many other problems as well. This also affects the behavior of the y/x ratios, like the Debt/GDP ratio when we consider various economies and the conclusions (often divisive) that we draw from our (x, y) observations.

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05/01/2013

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