Economics and Math

According to proponents of the application of mathematical modeling to economic analysis, as the structure of economic activity become more complex, the input-output structure is characterized by a high-level of dependency upon mathematical calculation. Ekelund and Hebert (1993) observed, however, that, while

While mathematics has unquestionable uses in displaying economic relations, some "theorists" have gone too far in drawing "economic analysis" farther and farther away from the grasp of the non mathematician. The attitude has been fostered that if a subject is not amenable to mathematical tools, it is not worth pursuing. The incipient problems associated with this view are that such attitudes will: (1) make economics increasingly irrelevant in its application to real-world problems and (2) foster increasing (and deserved) hostility among "intelligent laymen" who most certainly do not need a Ph.D. in mathematics in order to understand basic and operative principles of economics. (p. 557)

Robert Heilbronner (1979) was even mo

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Approximate Word count = 783
Approximate Pages = 3 (250 words per page)

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