What Is the Usefulness of Mathematics in Economic Analysis?
Economics is first and foremost a mathematical science because it involves the exchange and measurement of goods and services. While there are branches of economics such as behavioral economics that involve intangible factors, the vast majority of economic analysis involves mathematical equations.Level of Proficiency NeededTo acquire an understanding of fundamental economic theory, a good, solid background in secondary-school-level mathematics is sufficient. More advanced disciplines, such as trigonometry, differential equations and calculus are used in theoretical analyses. Pursuing an advanced degree in economics requires taking college-level mathematics courses.Interdisciplinary StudiesMany colleges offer combined degrees in economics and a branch of mathematics, such as statistics.The Role of Statistical AnalysisStatistical analysis is a major component of the study of economics, and is the foundation of many of economics’ practical uses. Governments in particular make heavy use of
