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About Role of Mathematics in Economics PDF
Mathematical models in economics have several limitations: 1) They lack predictive power and are not universally valid as they are dependent on abstract assumptions rather than direct observation. 2) They are nonempirical and cannot be tested against real-world data, which is important for economic theory. 3) Large mathematical models can be difficult to understand fully and inconsistent between sectors due to changing theories and practices over time.
Detailed Information
| Author: | ['Syed Haider Abbas Kazmi'] |
|---|---|
| Publication Year: | 2016 |
| Pages: | 7 |
| Language: | English |
| Format: | |
| Price: | FREE |
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