A critical study of the evolution of Mathematics in Economic Analysis

Abstract : Mathematical economics is an electrifying division of study in economics. It is helpful in model building and provides mathematical form of a descriptive theory in a simple as well as easily understandable way. Economics axiomatization can be embedded with mathematical formula to make it more scientific. Some of the concepts and theories like input-output analysis, linear programming, theory of games and economic behaviour, economic problems of optimum allocation of resources, organizing and planning of production, hyper formalistic methods now the application of computer simulation, normative economics ideas into positive economics for testing its validity given the normative assumptions, and failure of some mathematical models. This paper discusses about the evolution of mathematical economics critically.