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)
“What he loved so much in the plant morphological structure of the tree was that given a fixed mathematical basis, the final evolution was so incalculable.”
—D.H. (David Herbert)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)