Role of Mathematics in Economic.
A: -Mathematical economics is the experiment of some specific mathematical methods, which are used to verify the economic principles in the direction of economic science under some fundamental assumptions. In other words, we can say that there is no fundamental difference between mathematical economics and economic theory. Logically, mathematical economics explain the economic theory in mathematical language. The development of mathematical economics has taken a long time to achieve the present stage of mathematical economics. It is not a revolutionary step. The first participation in this field was given by Sir William Petty during seventieth century (1623- 1687). They have used the terms of symbols in their studies. But he was not successful in this direction. After this, A. Cornet (Theory of Wealth), Alfred Marshall (Principles of Economics) and Irving Fisher (Mathematical formulation of the economic theory) made use of symbols in their research work. Use of mathematics in economic theories gained momentum after Second World War. This stage is remarkable for fusion of economics and mathematics at a large scale and was noticed because of three aspects;
Emphasis from partial equilibrium analysis to general equilibrium analysis.
Interest in theories of growth, technical progress and other economic dynamics,
A revolution in the techniques of applied economics. During the modern era, mathematics has become an essential tool to explain modern economic theories in every field, because of the applicability of mathematical techniques in every field of modern theories of economics. There are some advantages of using mathematics in economics such as;
