Mathematical Methods Used

Mathematical Methods Used

Mathematical Methods, used increasingly in economics as a shorthand and a rapid method of stating the relationships between economic data. They can be used effectively because of the striking similarities in theories in production, consumer choice, international trade, public finance and so on. One purpose is to help establish hypotheses about economic data derived by comparable methods in other sciences, the essential feature of such hypotheses being that they can in principle be tested and, possibly, refuted.

The increasing 'technicality' of economic science is in the main due to the use of mathematical concepts. Whether this constitutes 'improvement' or not is impossible to say so far. It is likely that the use of mathematical methods calls for more precise formulation of concepts: it is also possible that some theorems in economics w have been very difficult if not impossible to formulate clearly with the use of such methods. But over-emphasis on mathematical methods can overlook practical usefulness. To make conclusions arrived at by mathematical methods intelligible to laymen so their relevance for policy can be judged they must be translated words. This is not always easy, but it provides a useful check as possible misdirection of effort. Compared with the physical sciel economics is still in a primitive stage in its ability to predict and this constraint is likely to last. The application of mathematical methods in economics is likely to continue to grow although value will remain uncertain.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

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