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:
“And, in fine, the ancient precept, “Know thyself,” and the modern precept, “Study nature,” become at last one maxim.”
—Ralph Waldo Emerson (1803–1882)
“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 (1890–1960)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)