A History of Mathematics in Economics
Description
This book explores the importance of mathematics (analysis, algebra, topology, probability, and inferential statistics) within the history and development of economics. It offers a long-term perspective on the links between mathematics and economics, taking into account the influence of historical events, to create a genealogy of quantitative economics. Starting with Aristotle and the early economic pioneers, such as Petty, Isnard, Cournot, Ricardo, Marx, and Walras, the development of economics over many centuries is charted, including marginalism, general equilibrium, neoclassical synthesis, linear economics, game theory, econometrics, financial theory, and artificial intelligence.
This book provides insight into an overlooked part of economics' history to create a new framework for economic analysis. It will be relevant to students and researchers interested in the history of economic thought from a quantitative perspective, filling a gap in the existing literature.
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Persons
Francis Bismans is Professor in Economics and Statistics at the University of Lorraine (BETA). He is also an associate researcher at COEF, Nelson Mandela University, South Africa. He is the author of numerous papers published in peer-reviewed journals and has also published eleven books, the most recent of which is Dynamic Econometrics (2025).
Maria do Rosário Grossinho is Professor at the University of Lisbon-ISEG (Lisbon School of Economics and Management). She has contributed to ten books-four as an author and six as an editor-and has published more than fifty articles and book chapters in peer-reviewed scientific journals, lecture notes, and conference proceedings.
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Content
1. Introduction.- 2. The precursors (From Aristotle to Quételet).- 3. Classicism and mathematics.- 4. Marginalism and general equilibrium.- 5. The first neoclassical synthesis.- 6. The years of formalized High Theory (1914-1940).- 7. Linear economics and mathematics (1911-1940).- 8. The new synthesis of the Great Thirties.- 9. New mathematics and general equilibrium.- 10. Game theory: The mathematics of economics.- 11. Exchanges, market forms and game theory.- 12. Econometrics: The Long March towards autonomy.- 13. Financial theory and mathematics.- 14. Big data and artificial intelligence in economics.