Mathematical Economics - Explained
What is Mathematical Economics?
Written by J. Mance Gordon
Updated at April 23rd, 2024
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What is Mathematical Economics?
Mathematical economics refers to the application of mathematical principles in developing theories and evaluate problems relating to economics.
Mathematical economics can also be defined as an integration of mathematical methods and economic principles (such as econometrics) to formulate economic theories and analysis of problems.
How is Mathematical Economics Used?
This model of economics relies on computing models, modern data techniques and other advanced mathematical applications. Mathematical economics seeks to forecast economic patterns, analyze economic problems and create economic theories using a set of statistical data.
This can be carried out to test economic behaviors, predict outcomes, and to interpret and explain economic phenomena.
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