Unpublished Paper
economics becomes science
None
(2009)
Abstract
Economics became a science in the 20th century thanks to major developments in economic theory and analysis of economic data, called econometrics. These developments could flourish because a new helper came on scene, the digital computer. Now it was feasible to employ a new mathematical technique capable of solving large scale problems in business and economics: linear programming. It became possible to make and test elaborate models of various aspects of the economy using numerical data: econometrics. It is no exaggeration to assert that economics took its place among the hard sciences in the 20th century.
Keywords
- Econometrics,
- Linear Prgramming,
- Game Theory
Disciplines
Publication Date
October, 2009
Citation Information
JEL B10 Economic Science