Mathematics has made significant contributions to the development of economics theories in the past. An emphasis on the use of mathematics has been extensive in economics. However, the assumption, which underlies the use of mathematics, has not been formerly scrutinized. Consequently, errors in the development of economic theories have been unnoticed and misleading theories have been established in economic science. The objective of this article is to develop a model, which can test whether or not an application of mathematics into an economic theory is valid, thus putting mathematics in a proper perspective in economic science.



Included in

Economics Commons