Can Singularity Problem in Economics be solved by Omnipotent Mathematics?

Abstract

In mathematics, singularity signifies a point at which a given mathematical function or its derivatives is not defined. Singularities are mostly mathematical that occur in the mathematical models describing physical systems. In social science compared to physical science, fewer cases of singularity arise, among which the mostly discussed one is technological singularity. Omnipotent mathematics (OM) is an approach to analyze singularity in a mathematical framework. In this approach “zero” is a non-existent entity which decomposes into quasi-existent entities, which in turn interact with each other to generate an existent entity. The focus of this paper is to address a typical hypothetical singularity problem in economics and try to solve it using omnipotent mathematics. Here the economic input-output model has been used to showcase an economic singularity problem that can be resolved in terms of quasi-existent entity.

Keywords: Singularity, Omnipotent Mathematics, Input-Output Model, Quasi-existence

JEL Classification: C00