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Formalisation and mathematical modelling

Formalisation and mathematical modelling

Tubaro, Paola (2016) Formalisation and mathematical modelling. In: Faccarello, Gilbert and Kurz, Heinz D., (eds.) Handbook of the History of Economic Analysis. Edward Elgar, Cheltenham, UK, pp. 208-221. ISBN 9781849801126 (doi:

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Claims that economics is close in spirit and principle to mathematics have been reiterated many times; a well-known one is William S. Jevons’s “our science must be mathematical, simply because it deals with quantities” (1871 [1888]: 1.5, original emphasis). The use of mathematics is now widely recognized as an essential ingredient of both research and teaching in economics, and attempts to build mathematical accounts of economic phenomena are as old as the discipline itself (Theocharis 1961 [1983]). The history of mathematical modelling in economics has not been a linear one. The profession privileged the verbal form for long, and even when the formal approach gradually gained ground, it often had to defend itself against hefty criticisms. Today’s widespread consensus around formalization does not prevent doubts from occasionally resurfacing.

Item Type: Book Section
Uncontrolled Keywords: mathematical economics, formalisation, history of economic analysis, economics and finance, history of economic thought
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HC Economic History and Conditions
Q Science > QA Mathematics
Faculty / School / Research Centre / Research Group: Faculty of Business > Networks and Urban Systems Centre (NUSC) > Centre for Business Network Analysis (CBNA)
Faculty of Business > Department of International Business & Economics
Last Modified: 14 Oct 2016 09:13

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