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:
“The modern artist must live by craft and violence. His gods are violent gods.... Those artists, so called, whose work does not show this strife, are uninteresting.”
—Ezra Pound (18851972)
“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)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (18941961)