According to the Haverford College website (online) in the last several decades, the disciplines of mathematics and economics have become increasingly closely allied. Virtually every field of contemporary economic theory is built on a mathematical foundation, and almost every graduate program in economics has several faculty members who specialize in mathematical applications in economics. Mathematics course covers topics useful in economic applications including optimization techniques in multi-variable calculus, quadratic forms in linear algebra, and fixed point theorems in topology (2001).
Adam Smith was the Scottish political economist, who became famous for his book The Wealth of Nations written in 1776. The book examined in detail the consequences of economic freedom. It covered concepts including the role of self-interest, the division of labor, the function of markets, and the implications of a laissez-faire economy. Smith described the operation of a free market and explained how self-interest results in the most efficient use of resources (Chew, 1996).
According to the New School of Economics (online), Robert Malthus wrote Essay on Population in 1798. In it, he suggested that population growth always exceeds the growth of means of subsistence.ß Actual population growth is kept in line with food supply growth by starvation and disease which increase the death rate. Population growth can be controlled by preventive checks and balances such as postponement of marriage and other measures intended to lower the birthrate.ß Malthus wrote that actual population always tend to push above the food supply, so any attempt to improve the condition of the lower classes by increasing their incomes or improving agricultural productivity would be useless because any excess would be absorbed by an increase in the population.
According to the School of Mathematical and Computational Sciences, University of St Andre
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