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:
“Tried by a New England eye, or the more practical wisdom of modern times, they are the oracles of a race already in its dotage; but held up to the sky, which is the only impartial and incorruptible ordeal, they are of a piece with its depth and serenity, and I am assured that they will have a place and significance as long as there is a sky to test them by.”
—Henry David Thoreau (18171862)
“What is history? Its beginning is that of the centuries of systematic work devoted to the solution of the enigma of death, so that death itself may eventually be overcome. That is why people write symphonies, and why they discover mathematical infinity and electromagnetic waves.”
—Boris Pasternak (18901960)
“Womens battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)