use of mathematics in economics or is it necessary to know mathematics for understanding economics?

Question

elementary mathematical techniques in economics

Answer 1

How brown do your want your steak?

You can settle for economic theory and not do much math at all, and perhaps none. That's one end of the spectrum. At the other end is statistical anaylysis and calculus and rocket science math that requires a classroom wall of chalkboards to just set up the equation.

How brown do you want your steak--how good are you at math--how serious are you at using ecnomics in your affairs or place of employement--and how do you view your career future?

You are the one to answer this question of yours. All I can do is describe the terrain. It's up to you to plan your hike.

Answer 2

Personal opinion: I think that it is essential to know basic mathematics for every discipline or occupation.

Examples:

Economics: Gross Domestic Product
Cooking: A recipe calls for 3/4 of a cup of milk, but you're only making half the recipe...how much milk do you use?
Accounting/Finance: Price to Cost Ratio
Retail clerk: The balance due is $6.51; the customer hands you $12.01. How much change does the customer get?
Gardener: Home owner wants a 200 square foot flower bed.
Sociology: Figure the Total Fertility Rate given the Net Reproduction Rate.
Psychology: Calculate standard deviations on an I.Q. test
...and so on.

To get by adequately (and I'm not talking rocket scientist), you really need to complete about a year of algebra and at least plane geometry. [I know that this probably exceeds high school requirements, and that is why a high school diploma is virtually worthless in today's economy. However, having that diploma gives one an employment advantage over those who do not graduate.]

Answer 3

I think Mathematics is a language which is used to understand Economics. It is a must have tool to express and understand a concept.
You have an option of reading a fifty page theoretical note or 5 lines with Mathematical equations.
Knowledge of mathematics also enhances your capability of understanding Graphs*
*(A PICTURE IS WORTH OF 1000 WORDS)

Answer 4

As quantifying and measuring is necessary for any science and math is needed for evaluating and quantifying the change in that value you establish. Yes, in any but a static system math is needed.
Perhaps to explain basic concepts it is not needed but any real evaluation will require it .
You could try telling the IRS this is what seems right. I do not recommend it.
Records and proper evaluations of items is much better for this basic economic duty.

Answer 5

ABSOLUTELY NOT. I have read a great many economics books during the course of my degree and the many years after and one of my favourites is a book which deliberately strips the maths and stats away. It's called Naked Economics and was written by Charles Wheelan. ISBN 0-393-32486-9

Answer 6

I haven't studied too much economics, but yes, understanding of mathematical concepts is required even at the basic level, but not too much, though.

Answer 7

definitely in elementary words and to be extra pratical maths is in basic terms a magic of variety. u placed it in any appreciate and u gets the respond. in accordance to me maths is the only situation wherein a sum has an distinctive selection approach. it has in basic terms approximately hundered selection yet ll those approaches will supply u the comparable answer. e.g. 2*2=4 2+2=4 a million+3=4 10-6=4 4*a million=4 so i think of u have been given the respond. and constantly keep in mind, ur answer ought to be so elementary that others can comprehend it.

Answer 8

The answer to your question is yes and no. YES, math is used extensively in economic principles and analysis. But NO, you don't need math in order to understand it.

For example, you can use algebra to draw an actual demand curve. Here's the math. But you don't need math in order to understand the things that can effect the curve, such as consumer preferences.

How complex is the math you need to know? Can be as simple as basic math (adding and subtracting), but can also include algebra and calculus.

Answer 9

To truly understand economics, elemantary mathematics is not enough. You need to understand (conceptually, at least) calculus and statistics.

Answer 10

yes basic addition and substraction is more than enough for economics. no need to struggle with calculus trigonometry Laplace transforms etc etc