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:
“I may be old-fashioned. I dont like this modern movement.... And yet, there are certain sorts of work a woman may well do; teaching, being governess, or any taking care of children.”
—Julia Dent Grant (18261902)
“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 ones brain rejects it; for laymen and people who are utterly illiterate know how to count and reckon.”
—Roger Bacon (c. 1214c. 1294)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)