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Mathematical economics refers to the application of Mathematical methods to represent economic theory or analyze Problems posed in Economics . Expositors maintain that it allows formulation and derivation of key relationships in the Theory with clarity, generality, rigor, and simplicity (Chiang and Wainwright, 2005, pp. 1-2; Debreu, 1987, pp. 401-03). Thus, for example, Paul Samuelson 's Foundations Of Economic Analysis (1947) identifies a common mathematical structure across multiple fields in the subject. Much of modern economics can be presented in geometric terms or elementary mathematical notation. Mathematical economics, however, conventionally refers to use of such methods as Calculus and Matrix Algebra in economic analysis. These are prerequisites for formal study, not only in mathematical economics but in contemporary economic theory generally. The Journal of Economic Theory, one of the most prominent academic references in the field, is a prime example of the mathematical approach. Yet, according to the Editors, it is a ''non-specialist'' journal. That is, for the diverse theoretical topics in economics examined in it, most articles there use a mathematical representation of the theory. APPLIED MATHEMATICS See Also: Applied mathematics An economic problem often involves so many variables that Economic analysis relies more and more on mathematical foundations. Economics has become increasingly dependent on mathematical methods, and the mathematical tools it employs have become more sophisticated. As a result, mathematically competent professionals are needed in industry and government for dealing with the subject. Graduate programs in economics and finance programs in graduate schools of management require strong undergraduate preparation in mathematics for admission and are attractive to an increasingly high number of Mathematician s. Applied Mathematician s apply mathematical principles to practical problems, such as economic analysis and other economics-related issues, in such a way that many economic problems are oftenly defined as being integrated into the scope of applied mathematics.Sheila C Dow - THE USE OF MATHEMATICS IN ECONOMICS , For presentation to the ESRC Public Understanding of Mathematics Seminar, Birmingham, 21-2 May 1999 CRITICISM OF MATHEMATICAL ECONOMICS The methods of mathematical economics are widely, though far from exclusively used, in professional publications, but there are opponents, notably the Austrian School . It maintains that the use of formal techniques lends to the field an impression of scientific exactness that, by nature of the eccentricities of its human subject matter, is infeasible, even in principle. Proponents argue that the validity of the mathematical method derives from economists' distinctive modeling of economic decision-making: economic agents are generally are modeled as (i) Rational and (ii) self-interested, from which it follows that an economic agent's behaviour may be compared against the calculations reached using formal logical and analytical techniques, including Optimization and other advanced mathematical procedures. REFERENCES
MATHEMATICAL ECONOMICS APPLICATIONS
MATHEMATICAL ECONOMISTS Famous mathematical economists include, but are not limited to, the following list (by century of birth). 19th century
20th century
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