The Origin and Limitations of Modern Mathematical Economics: A Historical Approach
We have first demonstrated that Debreu’s view regarding the publication of The Theory of Games and Economic Behavior by von Neumann and Morgenstern in 1944 as the birth of modern mathematical economics is not convincing. In this paper, we have proposed the hypothesis that the coordinated research pr...
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| Format: | Article |
| Language: | English |
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University of Sistan and Baluchestan
2017-10-01
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| Series: | International Journal of Business and Development Studies |
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| Online Access: | https://ijbds.usb.ac.ir/article_3395_8c7ad14d471dd442b8d9e538764ed2b8.pdf |
| _version_ | 1797803314300059648 |
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| author | Masoud Derakhshan |
| author_facet | Masoud Derakhshan |
| author_sort | Masoud Derakhshan |
| collection | DOAJ |
| description | We have first demonstrated that Debreu’s view regarding the publication of The Theory of Games and Economic Behavior by von Neumann and Morgenstern in 1944 as the birth of modern mathematical economics is not convincing. In this paper, we have proposed the hypothesis that the coordinated research programs in the 1930’s, initiated by the Econometric Society and the Cowles Commission for Research in Economics with the objective of unifying economic theory, mathematics and statistics, can be regarded as the beginning of modern mathematical economics as well as econometrics. We have argued that this unification has failed to satisfactorily bridge the gap between mathematical economics and the real world economic issues. However, contrary to Marshall's view that mathematics is not an engine of inquiry in economics but is only a shorthand language, we have established in this paper that the application of mathematics in modern mathematical economics can, under certain conditions, produce economic results of value. |
| first_indexed | 2024-03-13T05:18:58Z |
| format | Article |
| id | doaj.art-3bc7bb429b1f456ebf8edb1c20441559 |
| institution | Directory Open Access Journal |
| issn | 2538-3302 2538-3310 |
| language | English |
| last_indexed | 2024-03-13T05:18:58Z |
| publishDate | 2017-10-01 |
| publisher | University of Sistan and Baluchestan |
| record_format | Article |
| series | International Journal of Business and Development Studies |
| spelling | doaj.art-3bc7bb429b1f456ebf8edb1c204415592023-06-15T16:55:44ZengUniversity of Sistan and BaluchestanInternational Journal of Business and Development Studies2538-33022538-33102017-10-019152610.22111/ijbds.2017.33953395The Origin and Limitations of Modern Mathematical Economics: A Historical ApproachMasoud DerakhshanWe have first demonstrated that Debreu’s view regarding the publication of The Theory of Games and Economic Behavior by von Neumann and Morgenstern in 1944 as the birth of modern mathematical economics is not convincing. In this paper, we have proposed the hypothesis that the coordinated research programs in the 1930’s, initiated by the Econometric Society and the Cowles Commission for Research in Economics with the objective of unifying economic theory, mathematics and statistics, can be regarded as the beginning of modern mathematical economics as well as econometrics. We have argued that this unification has failed to satisfactorily bridge the gap between mathematical economics and the real world economic issues. However, contrary to Marshall's view that mathematics is not an engine of inquiry in economics but is only a shorthand language, we have established in this paper that the application of mathematics in modern mathematical economics can, under certain conditions, produce economic results of value.https://ijbds.usb.ac.ir/article_3395_8c7ad14d471dd442b8d9e538764ed2b8.pdfmathematical economicseconometric societycowles foundationmarshalldebreu |
| spellingShingle | Masoud Derakhshan The Origin and Limitations of Modern Mathematical Economics: A Historical Approach International Journal of Business and Development Studies mathematical economics econometric society cowles foundation marshall debreu |
| title | The Origin and Limitations of Modern Mathematical Economics: A Historical Approach |
| title_full | The Origin and Limitations of Modern Mathematical Economics: A Historical Approach |
| title_fullStr | The Origin and Limitations of Modern Mathematical Economics: A Historical Approach |
| title_full_unstemmed | The Origin and Limitations of Modern Mathematical Economics: A Historical Approach |
| title_short | The Origin and Limitations of Modern Mathematical Economics: A Historical Approach |
| title_sort | origin and limitations of modern mathematical economics a historical approach |
| topic | mathematical economics econometric society cowles foundation marshall debreu |
| url | https://ijbds.usb.ac.ir/article_3395_8c7ad14d471dd442b8d9e538764ed2b8.pdf |
| work_keys_str_mv | AT masoudderakhshan theoriginandlimitationsofmodernmathematicaleconomicsahistoricalapproach AT masoudderakhshan originandlimitationsofmodernmathematicaleconomicsahistoricalapproach |