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With actual class-room teaching experience – application of mathematics in economics is a necessity rather than luxury

Author: 
Dr. D. R. Agarwal and Suruchi Kapur
Subject Area: 
Social Sciences and Humanities
Abstract: 

Economics has emerged as a very important field of study helping individuals, firms, industry, government, nations etc. in order to allocate scare resources to their alternative uses to satisfy the maximum possible needs. Traditionally all the social science subjects including economics were studied without or with a very less application of mathematics (mostly limited to graphs and diagrams), but now a days mathematics has become an essential and integral part of economic theories and economic theories and economic models. Mathematical economics has become a very popular subject worldwide. Mathematics, economics and statistics are considered complimentary disciplines today. This case study is an outcome of actual class room teaching of Economics, where students did not have a background of mathematics. This case study also gives an idea that knowledge, understanding and application oriented skills for the solution of real life situation and problems are considered as the necessary outcome of a particular course.

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