Contributions of mathematics to economical methodology.

Authors
Citation
Ac. Sanchez, Contributions of mathematics to economical methodology., PSICOTHEMA, 12, 2000, pp. 103-107
Categorie Soggetti
Psycology
Journal title
PSICOTHEMA
ISSN journal
02149915 → ACNP
Volume
12
Year of publication
2000
Supplement
2
Pages
103 - 107
Database
ISI
SICI code
0214-9915(2000)12:<103:COMTEM>2.0.ZU;2-A
Abstract
The use of mathematics in economics can be already found one century ago. S ince then, the debates about the contributions of mathematics to the scienc e of economy have been very usual. This debate has fostered the publication of many papers and books on economy in which mathematics play a central ro le. Mathematics helps economy in several ways: makes the assumptions more e xplicit, theories are more precise, and permits the economists to evaluate multidimensional facts. The utility of mathematics in economy is well prove d, helping the economist to simplify, clarify and verify the theories, as w ell as model building and data analysis. Now days, computers combined with powerful statistic techniques allow the economist to analyze data that were unthinkable just a few years ago. Some economists in favor of using mathem atics in economy argue that a truly scientific economical science only will be possible when mathematical and statistical tools will be used regularly to analyze the economical data. The classical position against this rigoro us view is that economy, as the rest of social sciences, never will be able to strictly use scientific tools, such as mathematics and statistics. Thes e positions are analyzed in the paper, and pros and cons discussed.