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International Journal of
Commerce and Management Research
ARCHIVES
VOL. 3, ISSUE 7 (2017)
Application of mathematics in Economics: A study with different perspectives
Authors
Rituaparna Chaudhary
Abstract
Every academic subjects have its own standards by which it judges the merits of what researchers claim to be true. In the study of Physical Sciences it typically requires experimental verification. Whereas in the study of History it requires links to the original sources related to the past. In Economics there are two purposes to apply mathematics, one is the mathematical tools needed to make and understand economic arguments, the second one is, to make you comfortable talking about economics using the shorthand of mathematics. The major development of the second quarter of 20th century in the field of economics was the mathematization of economics. The application of mathematical techniques to the analysis of economic problems is a methodological possibility. This technique often called as Mathematical economics. This Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.
During the last six decades, this methodological option has been linked to history of a significant part of economic analysis. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally.
The purpose of this course is to provide a comprehensive exposition of basic mathematical instruments that are commonly used in all fields in economics - microeconomics, macroeconomics, econometrics, international trade and finance, public finance, money and banking. The methodology of the study is based on secondary data. The uses of Differential calculus, Maxima and Minima etc., in economics are attempted to study in this article. The major finding of the study is mathematics played a pivotal role in economic theory and research.

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Pages:51-55
How to cite this article:
Rituaparna Chaudhary "Application of mathematics in Economics: A study with different perspectives". International Journal of Commerce and Management Research, Vol 3, Issue 7, 2017, Pages 51-55
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