Friday, February 8, 2013

Mathematics in economics

Why do we need to learn math besides a requirement for the profession? I don't think math is really necessary in economics as long as I can elaborate my arguments without it. As long as my arguments don't show any gap in my understanding of things happening in the world, in addition, I don't think math is necessary. Using math in economics and other sciences should not be considered bragging. Rather, it is a confession of our ignorance of our research subjects. Mathematical modeling shows the limit of our knowledge. For example, a simple linear demand function that consists of price, quantity and slope coefficient show I'm not sure about other influential factors, such as income, substitutes or compliments. It, of course, shows that I may acknowledge and take into consideration those factors in follow-up research. Unlike ordinary belief, we may need math because we are not as smart as we think.

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