TITLE:
Exploring the Origin of Mathematical Economics
AUTHORS:
Balbir S. Sihag
KEYWORDS:
Combinations, Discrete Marginal Analysis, Mathesis, Metaphysics, Prospect Theory, Recursion and Iteration, Uclides
JOURNAL NAME:
Theoretical Economics Letters,
Vol.6 No.1,
February
16,
2016
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.