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Article

Open Access

The Analysis of Dimensionless Magnitudes in Economic Science

Author(s)

Odysseas Kopsidas

Full-Text PDF Download XML 826 Views

DOI:10.17265/2328-7144/2018.04.003

Affiliation(s)

University of Piraeus, Piraeus, Greece

ABSTRACT

An economy consists of the economic system of a country or other unit of human society. It includes labor, capital, natural resources, production, trade, distribution and consumption of goods and services in the area where human society is active. These factors give context, content, and determine the conditions and parameters with which the economy operates. When searching with data mining techniques to identify or find out dimensionless groups (DGs) in technical literature, it is possible to meet errors/faults/omissions concerning both, the form and the content of such groups. In the present study, a methodological framework has been developed in terms of a logical flow chart, including 11 activity stages and seven decision nodes, to acquire/process/store/retrieve knowledge for reconstruction and identification of these groups. Case Based Reasoning (CBR), especially modified to meet the needs of this work, has been used for tracing causality paths by similarity and making correction suggestions. Two case examples are presented to prove the functionality of the proposed methodology. Non-dimensional groups are used in engineering but can also be used in economic science. Through this analysis, we can calculate the scale of industrial processes from laboratory to pilot and then factory scale. Still through the study of non-dimensional groups, it is easy to calculate economies of scale embedded in the production process. Synergy savings and target economies cause economies of scale in a production process and reduce the cost of production per unit of output when production is increased. Non-dimensional groups can be a quantitative and measurable indicator for calculating and predicting economies of scale in an industrial unit. The same can happen in an economic unit providing services, that is, intangible products.

KEYWORDS

dimensional analysis, knowledge acquisition, dimensionless groups, case based reasoning, data mining, Blake number, modified Reynolds number, adsorption, sedimentation, flocculation, filtration, scale up

Cite this paper

Economics World, July-Aug. 2018, Vol. 6, No. 4, 279-285 doi: 10.17265/2328-7144/2018.04.003

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