Showing posts with the label Mathematical Economics

Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

Set Theory Mathematical Economics

 Mathematical Economics Mathematical economics  is the application of mathematical method to represent theories and analysed problem in  Economics. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific positive  claims about controversial or contentious subjects that would be impossible without mathematics. Today we  will discuss about Set theory Set Theory  is a branch of mathematical logic where we learn sets and their properties. A set is a collection of objects or groups of objects. These objects are often called elements or members of a set. For example, a group of players in a cricket team is a set.  Since the number of players in a cricket team could be only 11 at a time, thus we can say, this set is a finite set. Another example of a finite set is a set of English vowels. But there are many sets that h

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