17.12.03

TRUTH VERSUS PRECISION? Econ Log has an omnibus post, with ample links and commentary, revisiting the role of mathematics in economics. Key point to keep in mind, which hasn't really come up over there: much of the standard introductory sequence is an attempt to use calculus without admitting it (anything involving equating margins such as marginal product per dollar, for instance), while many of the important ideas in economics, such as opportunity cost, specialization, arbitrage, and mutual gain, do not require calculus, which some of the commentors have noted.

No comments: