Mathematical Economics
Categories: Econ
Sometimes human behavior can be hard to quantify, and even harder to predict. But that’s not going to stop experts from trying, especially when that behavior has a big influence on important stuff like economic performance and financial policy.
So how can we take the hard-to-quantify and, like...quantify it?
The answer: mathematical economics. “Mathematical economics” uses math to create economic models and solve economic problems. We’re talking algebra, calculus, geometry, statistics…all the fan favorites. Whichever math disciplines could help provide answers, those are the ones economists will use.
Fun fact: Mathematical Economics is also available as a degree program at many colleges and universities. The curriculum includes courses in economics (duh), mathematics (double duh), computer science (gotta build those models somehow), and other related fields, like business and finance. So if we’ve ever wondered why an increase in the demand for one type of product causes an increase in demand for another, and then really wished we could build some sort of mathematical model to help us solve our question, a course of study in Mathematical Economics might be just the thing we need.