The Role of Mathematics in Economics: Necessity or Contradiction?

Abstract

This study addresses the relationship between economics and mathematics, drawing attention to the fact that although economics is a social science, mathematics plays an important role in understanding economic processes. Due to the complexity of human behavior, it isn't easy to achieve mathematical precision in economics. However, thanks to mathematical tools such as econometrics and modeling, it is possible to plan, predict, and analyze the relationships between economic variables. Therefore, using of mathematics in economics is necessary. It is stated that correlations should be understood in understanding the relationships between economic activities and the extent of the relationships.  The development of regression models is emphasized in predicting future trends and supporting decision-making processes. However, the difficulties economists face when using advanced mathematical techniques are mentioned. Despite some of the difficulties, risk, and uncertainty conditions mentioned, it is emphasized that mathematical or econometric analyses continue to be important for planning and making consistent estimates and that some conveniences have been experienced with technological developments.  As a result, it is stated that a balanced approach is needed in using mathematical tools in economics. In other words, it is stated that models, which are merely tools rather than goals for economic analysis, have limitations and that it is desired to benefit from the prediction and consistency of these tools. Additionally, it is suggested that future education should both update and follow the analysis tools offered by technology and place more emphasis on mathematical and econometric knowledge to develop the ability to better predict uncertainties.