Mathematics in economics: some remarks

Dillmann, Roland; Eissrich, Daniel; Frambach, Hans A.; Herrmann, Oliver

doi:10.1108/01443580010341736

Cited by 2 publications

(1 citation statement)

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“…The mismatch between economic theory and what is demanded from economic science by today's societies is growing. on a bit different occasion (discussing the pure science situation), Albert Einstein once remarked that, insofar as mathematical statements refer to reality, they are not certain, "and so far as they are certain, they do not refer to reality" (quoted after Dillmann, 2000). This is especially true for economic theory.…”

Section: Causes Of and Reasons For The Growing Imperfection Of Economic Theory: A Tentative Reconnaissancementioning

confidence: 99%

Is There a Perspective for a New Paradigm in Economics?

Čičinskas¹

2011

ECO

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It was long before the current economic crisis has triggered a new wave of criticism towards the very foundation of capitalism – the market system, that a discontent with deepening divergence between the pure economic theory and the agenda the economic policy has been dealing with was proliferating. Aattempts of refining the paradigm or its replacement with a new one were undertaken. The objective of the study was to review the main failures and incapacities the neoclassical economic theory is experiencing and to identify the possible trait components most appealing for modification and refining. The vast and unstoppable waste of resources (labour, but not only) by the modern market system, negation of the permanent and necessary presence of state in the economy as an integral economic agent, distortion of goals of economic activity by limiting them by the quantitative maximization of produce – these are the main traits of failure of the current theoretical model in satisfying requirements for a better understanding of modern economy. They are also the arguments for the criticism of its paradigm.The analytical method was used to penetrate the current discussion and other data in order to disclose the paradigmatic content of the theoretical perception of modern economy. The results of the whole study are new in terms of the fulfilled attempt to systemize criticisms of market system failures and to point out the possible components of its paradigm, which pretend to be modified. The conclusion is drawn that the paradigm of mainstream economics has no alternatives, but the growing mismatch between the realities of modern economic life and presumptions and the conclusions of the neoclassical model of economy asks for its revision or modification.

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Section: Causes Of and Reasons For The Growing Imperfection Of Economic Theory: A Tentative Reconnaissancementioning

confidence: 99%

Is There a Perspective for a New Paradigm in Economics?

Čičinskas¹

2011

ECO

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Mathematics Serving Economics: A Historical Review of Mathematical Methods in Economics

Czerwinski

2024

Symmetry

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This paper offers a historical review of the evolution of mathematical methods in economics, tracing their development from the earliest attempts in the 18th century to the sophisticated models of the late 20th century. The study begins by examining the initial integration of mathematical techniques into economic thought, highlighting key milestones that shaped the field. Symmetry concepts are naturally embedded in many of these mathematical frameworks, particularly in the balance and equilibrium found in economic models. Symmetry in economics often reflects proportional relationships and equilibrium conditions that are central to both micro- and macroeconomic analyses. Then, the paper elaborates on the progression of economic growth models, including the foundational Solow–Swan model, which introduced the concept of technological progress (knowledge) as a key factor influencing growth. The review also encompasses the Lucas growth model and the Mankiw–Romer–Weil model, both of which incorporate human capital into the growth equation, highlighting its importance in driving economic development. Finally, the paper addresses the Nonneman–Vanhoudt model, which extends the analysis of growth by integrating multiple types of capital, providing a more comprehensive framework for understanding economic dynamics. By documenting these developments, the paper demonstrates the significant role that mathematical modeling has played in advancing economic theory, providing tools to quantitatively analyze complex economic phenomena and driving the discipline towards greater analytical precision and rigor. This analysis emphasizes how symmetry principles, such as balance between inputs and outputs, equilibrium in supply and demand, and proportionality in growth models, underpin many economic theories.

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Mathematics in economics: some remarks

Cited by 2 publications

References 22 publications

Is There a Perspective for a New Paradigm in Economics?

Is There a Perspective for a New Paradigm in Economics?

Mathematics Serving Economics: A Historical Review of Mathematical Methods in Economics

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