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:
“By his very success in inventing labor-saving devices, modern man has manufactured an abyss of boredom that only the privileged classes in earlier civilizations have ever fathomed.”
—Lewis Mumford (1895–1990)
“The circumstances of human society are too complicated to be submitted to the rigour of mathematical calculation.”
—Marquis De Custine (1790–1857)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)