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:
“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)
“Know how to be content and you will never be disgraced; practice self-restraint and you will never be in danger.”
—Chinese proverb.
Laozi.
“It is accordance with our determination to refrain from aggression and build up a sentiment and practice among nations more favorable to peace ... that we have incurred the consent of fourteen important nations to the negotiation of a treaty condemning recourse to war, renouncing it as an instrument of national policy.”
—Calvin Coolidge (1872–1933)