Mathematics for economists— varied, versatile, vital

Abstract

Mathematical and statistical techniques have been applied in economics for nearly two centuries, but it is only since about 1950 that the full power of these techniques has been felt pervasively in the discipline. To a modern economist, mathematics offers a rich and varied toolkit. The tools are versatile: a single approach can often solve quite diverse problems. One can, indeed, say that the contribution mathematics makes to economics nowadays is vital. This paper explores ideas on the mathematical and statistical education that is appropriate for economists, both at the preparatory level in secondary school and concurrently with undergraduate economics studies at university. The value of mathematical studies to economists is widely recognized. What must, however, also be recognized is that a mathematical approach to economics cannot ipso facto produce a solution to every applied economic problem. Mathematical skills are necessary but not sufficient for meeting the ultimately practical concerns of the economist.