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Mathematical Optimization and Economic Theory Michael D. Intriligator
Publisher: Society for Industrial Mathematics

Third This led to mathematical techniques such as "maximization," or "optimization," on which Paul Samuelson built much of his work. Intriligator, Mathematical Optimization and Economic Theory Philippe G. Ciarlet, The Finite Element Method for Elliptic Problems. He wrote the following in 1976: "A criticism commonly made of economic theory is its failure to make predictions of crises in In the main model of equilibrium theory, say as presented in Gerard Debreu's Theory of Value, economic agents make one life-long decision, optimizing some value. The grand theoretical-mathematical approach to economics is fundamentally flawed. Smale has also contributed to mathematical economics. He received his bachelor's degree from the City College of New York (1940) and his M.S. However, there is a difference between data and mathematical models. Quantitative economics is a field of study where mathematics, in particular optimization, statistics, algorithms and complexity theory is used as a tool for analyzing and designing economic systems. With future dating of commodities, time has almost an artificial role." -- Stephen Smale. And he introduces the financial and mathematical foundations of modern development principle and macroeconomics in a rigorous however simple to comply with the manner. Economic theory and so-called “common sense” are no good if the facts tell a different story. (economics, 1951) from Columbia University.