Updated on March 9, 2023
The term mathematical economics is an economic model which is used to develop economic theories and concepts by employing mathematical ideas. Economists create many quantitative experiments through mathematical concepts to predict the future economic growth for businesses or industries.
The concept of mathematical economics belongs to the econometrics disciple of study. The study of mathematical economics helps in identifying the qualitative aspects of economic study and translating them into quantitative aspects that can be measured to derive concrete results and understand the concept in a better manner along with correct analysis of the same.