Practice
Main articles: Economic methodology, Mathematical economics, and Schools of economicsContemporary economics uses mathematics. Economists draw on the tools of calculus, linear algebra, statistics, game theory, and computer science. Professional economists are expected to be familiar with these tools, while a minority specialize in econometrics and mathematical methods.
Read more about this topic: Modern Economics
Famous quotes containing the word practice:
“The astonishment of life, is, the absence of any appearance of reconciliation between the theory and the practice of life.”
—Ralph Waldo Emerson (1803–1882)
“In my practice I’ve seen how people have allowed their humanity to drain away. Only it happens slowly instead of all at once. I didn’t seem to mind.... All of us, a little bit. We harden our hearts. Grow callous. Only when we have to fight to stay human do we realize how precious it is to us, how dear.”
—Daniel Mainwaring (1902–1977)
“As an example of just how useless these philosophers are for any practice in life there is Socrates himself, the one and only wise man, according to the Delphic Oracle. Whenever he tried to do anything in public he had to break off amid general laughter. While he was philosophizing about clouds and ideas, measuring a flea’s foot and marveling at a midge’s humming, he learned nothing about the affairs of ordinary life.”
—Desiderius Erasmus (c. 1466–1536)