Abstract
No abstract available
Highlights
Usage of Mathematics in Economics, to a certain extent is both unavoidable and necessary
When it comes to analyzing the “Effects of Mathematics in Economics”, the difference of opinions can clearly be seen even among them where Nobel Laureates such as Paul Samuelson promoting the use of mathematics even more while others like Gerard Debreu and Maurice Allais have raised the caution flag encouraging economists to give due consideration to all the other factors such as sociology, psychology, philosophy, political science and even art and literature as well.[14]
There is no doubt that the developments in both mathematics and economics we have experienced so far have had an enormous impact on the process that brought humanity where it is today
Summary
Usage of Mathematics in Economics, to a certain extent is both unavoidable and necessary. The phrase “Mathematisation of Economics'' has become very common, even in academic writings, in referring to this evolutionary phenomenon This short essay is based on a review of some of the literature, existing in the form of journal articles, books, research reports and websites, in order to establish perhaps a finer microscopic view into this very valuable and timely debate. Existing models should be analyzed thoroughly to see whether they would address the post-COVID-19 requirements at all. If not, perhaps it could be modified or else create a new model that would fit in well with the current requirements and the future expectations of the world. An in-depth look at the effect of mathematics in economics could be a vital ingredient that should not be left out of the recipes for creating these decision-making models and procedures
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
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 call
