Exploring the Origin of Mathematical Economics
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Date
2016-02
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Scientific Research
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.
Description
Keywords
Combinations, Discrete Marginal Analysis, Mathesis, Metaphysics, Prospect Theory, Recursion and Iteration, Uclides
Citation
Theoretical Economics Letters, 2016, 6, 87-96