Abstract
Mathematical economics is an electrifying division of study in economics. It is helpful in model building and provides mathematical form of a descriptive theory in a simple as well as easily understandable way. Economics axiomatization can be embedded with mathematical formula to make it more scientific. Some of the concepts and theories like input-output analysis, linear programming, theory of games and economic behaviour, economic problems of optimum allocation of resources, organizing and planning of production, hyper formalistic methods now the application of computer simulation, normative economics ideas into positive economics for testing its validity given the normative assumptions, and failure of some mathematical models. This paper discusses about the evolution of mathematical economics critically.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: JOURNAL OF DEVELOPMENT ECONOMICS AND MANAGEMENT RESEARCH STUDIES
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
