mathematics-for-economists

Here is a practical comment for the typical economics graduate student: Buy this book if you want to start using Mathematica!

What does a typical economics graduate student need? First, s/he needs to review her/his knowledge of mathematics. Second, s/he needs to learn how to use the tool (math) to solve an economic problem. Cliff J. Huang and Philip S. Crooke's book is helpful in both respects. While they are introducing the basic language of Mathematica they review most of the undergraduate math. And they teach with a hands-on approach--that is, you solve almost every problem using Mathematica.

Mathematica is a great tool for economics graduate students, it helps you out in understanding the basic intuitions behind mathematical concepts--because you do not have to solve complex problems (Mathematica solves them for you), you just have to understand them. Of course, students are advised to consult their professors to choose the right computer software or programming language. Mathematica can do a lot, but some other software might be much more practical for your PhD thesis project...

[Also consider Differential Equations: An Introduction with Mathematica by Clay C. Ross]

This book covers mathematical methods topics that would ordinarily constitute the core of a one semester course at the first year graduate level in economics. The book could also be used at the advanced undergraduate level. It is the first book to fully integrate Wolfram Research's Mathematica software into a study of mathematical methods for economists. The authors' stated objective in this integration is to relieve students, via use of computer software, of the rather tedious computations typically associated with mathematics for economists coursework so that attention can be focused on underlying principles. To further this objective, a Mathematica notebook, MathEcon, comprised of functions commonly implemented in mathematics for economists courses accompanies the book.

The book features fifteen chapters including coverage of topics in linear algebra, quadratic forms, vector calculus, functional properties, mathematical programming, and differential and difference equations. The first two chapters provide an introduction to Mathematica and a review of calculus. Chapters are divided into sections and subsections and all chapters include exercises at the conclusion of each subsection. Many, though not all, of the exercises involve use of the Mathematica software. Numerous examples are included in all chapters and the use of Mathematica to illustrate concepts and problem solving is prevalent throughout the book. In this regard, the numeric, symbolic, and, in particular, graphic capabilites of Mathematica are used extensively to explain concepts and example problem solutions.

This book can only be regarded as an exceptionally valuable contribution to graduate education in economics. The choice and coverage of topics is appropriate for the mathematics for economists course. Mathematical concepts are presented with uncommon clarity. For example, the chapter on eigensystems is perhaps the best treatment of this topic in the mathematics for economists literature. The many examples contained in the book provide for enhanced comprehension of related concepts and would by themselves elevate this book above the field as an educational device. Exercises are generally well suited for reinforcement of material covered in the chapter subsections. The thoughtful integration of related computer capabilities and provision of the MathEcon package fully achieve the authors' stated objective. This book is an obvious first choice as a textbook in mathematics for economists courses.

This book is a gentle introduction to the math used in microeconomics at advanced undergrad or graduate levels. The book assumes nothing or at least very little in the way of math preparation. The authors could point out more pitfalls, but these two mathematics professors write beautifully and simply about what is, for some of us, a complicated topic. They start with things as simple as Cartesian graphs and they move on through calculus, differential equations and various forms of linear and matrix algebra. The econ examples are excellent and concise, but are basic and not of theoretical interest. No one is going to learn Cournot monopoly theory or auction theory here, but you will learn how to read a book like Wolfstetter's Topics in Microeconomics without wishing you could throttle the excessively brief and cryptic author of that interesting text. One wishes in general that economists could write like the authors of this book, but they can't. Nowhere have I seen such obtuse notation and heartless math presentation as in microeconomic theory. But econ is micro, and even if a lot of microeconomists can't teach, write, or present math, they are the roadblock to understanding much of finance, applied game theory, and matters of technical management and public policy. This book covers continuous and static analysis tools, not probability or statistics in any detail. It is truly innovative among the books I have seen in treating mathematical economics. Micro theory is the flunk-out course for econ majors. This book could get most through. A patient non-quantitative person can learn it right out of the book without lectures or high anxiety. I suspect the seriously macho econ folks will hide the fact that they own it, but they would probably benefit too at least from topics where they stumble a bit or feel a slight discomfort. It would also be a worthwhile text for Ph.D. candidates who want to prepare for comprehensive exams either oral or written, or for people like economic sociologists who vaguely wish to be taken seriously.

This book provides the non-mathematician with a well thought out and accessible explanation of the mathematical tools of economics. The approach adopted by the author is to explain each concept a number of ways, and to structure the book so that each new concept follows the previous one. I highly recommend this book to any non-mathematical economist.

Where is the Comparitve Statics section? Dynamic Analysis? Difference equations? Calculus of Variations? Optimal Control? Etc.

The book does not merely provide a sequence of theorems, but helps to develops mathematical intuition which is really critical for economists. I don't have any hesitation to strongly recommend this book to anyone who wants to learn the essential mathematics for economics. One of the best economics books I've ever read!

This is a marvellous introduction to many of the important areas of applied mathematics. The authors do a truly spectacular job of conveying the intuitive principles and pragmatic relevence of each topic, without falling into the "cookbook" trap to which many applied math texts succumb.

But my real point is that it is almost a shame that title specifies "for economists" - because this book will be extremely useful to people looking to improve their applied mathematics background for use in any number of fields. I'm a population biologist myself, and I turn to this book first when I need to brush up on a vaguely familiar subject or delve in to a new topic. Many of the examples are inded drawn from economics, but this is not hindrance - they are well-enough explained and defined that no economics background is required. The economics examples are so well-presented, in fact, that the relevence to problems in other fields will be very clear to even a moderately careful reader.

I cannot recommend this book highly enough!

The author does a pretty good job of presenting the basic mathematical techniques for economics students. The explanations are, for the most part, clear and understandable. The mathematics covered in this book ranges from the very basic to the more advanced topics.

Although the author starts off with the most basic math, there are, nevertheless, more advanced concepts introduced within these basic chapters. For example, the chapter on arithmetic not only covers the basic elements of arithmetic but also has sections on the elasticity of demand and logarithms. However, it is unfortunate that the author combines the most basic math with the more advanced topics within the same chapter.

At the beginning of each chapter, the learning objectives are presented. The book contains many examples and exercises, and with few exceptions the author provides the answers to all the exercises unlike other books that give the answers only to selected problems.

In reading this book certain assumptions are made. For example, the author uses Excel in some of the chapters and it is assumed that the student has some prior knowledge of using this software package. Also, it is assumed that the student has some knowledge of economics.

There are certain areas in this book that can be a matter of confusion for readers. First, the author uses two different symbols for the square root, i.e., a check mark and the more familiar traditional square root symbol. Second, the author does not clearly explain when the antilog in division is taken or not taken when using logarithms. Third, an example on matrix algebra shows calculated numbers to two decimal places when, in fact, these numbers are actually carried out to more than two decimal places for purposes of getting the final answer. This can be frustrating to students trying to understand the example if they are not aware that the author has done this. Fourth, there are some errors in the book. It is important that readers be aware of these types of problems.

However, overall the mathematics is explained clearly. In addition, the author provides remedial math topics for those students needing such a review. Therefore, I would recommend this book.

Kennedy's book is a great place to sart for anyone who is just starting to learn the mathematical techniques used in contemporary economics. If you are an undergraduate, this book will teach you most of what you need to know. If you are a graduate student, it will only get you started. It explains calculus in a way that is easy to understand. When I say that it explains calculus, I mean that it explains calculus so that you understand what it means, not just how to do it. The only shortcommings of this book are that it spends too much time doing Keynesian algebra and it ignores linear algebra comletely.