Applying the Principles of Mathematics in Economics

Smith described the achievement of a free market and explained how self-interest results in the close to efficient use of resources (Chew, 1996).

According to the New School of economics (online), Robert Malthus wrote Essay on Population in 1798. In it, he suggested that population growth always exceeds the growth of means of subsistence.? authentic population growth is kept in line with nutrient supply growth by starvation and disease which ontogeny the death rate. Population growth can be controlled by preventive checks and balances such as postponement of marriage and early(a) measures incourseed to lower the birthrate.? Malthus wrote that actual population always tend to push above the food supply, so any start to improve the condition of the lower classes by increasing their incomes or improving agricultural productivity would be useless because

Thomas Robert Malthus. (n.d.). Retrieved Jan. 12, 2005, from The History of Economic mind Web site: http://cepa.newschool. edu/het/.

(2001). Retrieved Jan. 13, 2005, from Mathematical economic science at Haverford Web site: http://216.239.63.

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According to the University of Connecticut (online) economists are trained in the use of explicit economic models to disassemble economic issues.? These models are usually expressed as sets of relationships that suck up a mathematical form.? This is where math and economics intersect. Economists use mathematical tools and techniques including differential calculus to solve economic models. Mathematical techniques frequently enable economists to solve model in a transparent manner even when the problem appears complicated, and mathematical models off
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