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Exploring the Origin of Mathematical Economics
University of Massachusetts Lowell, Lowell, USA
- 1 University of Massachusetts Lowell, Lowell, USA
Theoretical Economics Letters·Volume 06 (2016)·Pages 87–96·Published 19 January 2016·DOI10.4236/tel.2016.61011
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Abstract
The existing studies on the origin and history of mathematical economics are euro-centric and cover only the past two centuries. It is intended to show that 1) mathematical economics has an ancient origin. Kautilya wrote The Arthashastra during the fourth century BCE and used discrete marginal analysis and combinatory rules to sharpen economic analysis. 2) It is indicated that in the West, image of mathematics has changed directly and that of economics indirectly as the theology/philosophy of the church changed. 3) It is claimed that in India the developments in both economics and mathematics have always been simple, secular and user-friendly to solve problems related to agriculture, construction, navigation and trade.
KeywordsCombinationsDiscrete Marginal AnalysisMathesisMetaphysicsProspect TheoryRecursion and IterationUclides
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