Modern Mathematical Economics
From the later-1930s, an array of new mathematical tools from the differential calculus and differential equations, convex sets, and graph theory were deployed to advance economic theory in a way similar to new mathematical methods earlier applied to physics. The process was later described as moving from mechanics to axiomatics.
Read more about this topic: Mathematical Economics
Famous quotes containing the words modern, mathematical and/or economics:
“The American Constitution, one of the few modern political documents drawn up by men who were forced by the sternest circumstances to think out what they really had to face instead of chopping logic in a university classroom.”
—George Bernard Shaw (1856–1950)
“All science requires mathematics. The knowledge of mathematical things is almost innate in us.... This is the easiest of sciences, a fact which is obvious in that no one’s brain rejects it; for laymen and people who are utterly illiterate know how to count and reckon.”
—Roger Bacon (c. 1214–c. 1294)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (1876–1947)