John r hicks sayings on mathematical economics
John R. Hicks was a prominent economist known for his contributions to the field of mathematical economics. While he is best known for his work on the IS-LM model and the concept of elasticity of substitution, he also had some insightful sayings on the subject. Here are a few of his notable quotes related to mathematical economics:
1. "Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world."
2. "Mathematics is a language. It is a means of expressing ideas and relationships. It is not an end in itself."
3. "The economist's greatest tool is his model. It is the lens through which he views the world."
4. "Mathematics is a powerful tool in economics, but it is not a substitute for good judgment and intuition."
5. "The beauty of mathematics in economics lies in its ability to simplify complex relationships and make them more understandable."
These quotes reflect Hicks' belief in the importance of using mathematical models in economics, while also emphasizing the need for judgment and intuition in the application of these models.
Above is John r hicks sayings on mathematical economics.
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