A Mathematical Treatment of economics

While in Armidale I ventured into the campuses secondhand bookstore. Being the bargain hunter that I am I had a look in the economics section and luckily the mathematics section. I found a little book called A Mathematical treatment of economics written by G.C Archibald and Richard G Lipsey. The book was only $8 so I bought it. The second edition of the book was published in 1973 so the book is nearly 40 years old, yet it is just as relevant for today students.

The book is written for students in the English education system who did not do mathematics in their equivalent of senior. Having only completed Maths A in High School I have struggled with maths at university and only just passed Quantitative Methods A by focusing on geometric sequences and algebra. The text for that subject was the traditional maths for business text focusing on mathematical rigor and using the occasional business example.

Committing mathematical education heresy this book and Alpha Chiang's Fundamentals of Mathematical Economics turn the tables around putting the economics first and maths second sacrificing mathematical rigor for understanding. Teaching the student the Maths he/she needs to know to analyse a particular problem. I have started to chapter 4 Introduction to calculus: differentiation and already a whole new world is opening up to me.

I am considering graduating next term with a Masters of Economics Studies depending on whether I secure a graduate position. I intend over the next term while I am only doing one last subject to attempt to read this book. At 500 pages including answers in the back this is achievable. I am currently at a point where further more sophisticated economic analysis will require some calculus, while I'm sure it is possible to complete a degree in economics and have a successful career never using calculus, I will always feel a bit of fraud without it. In the real world things are never linear and linear analysis can only take one so far.

Unfortunately, this text is out of print but you can purchase the odd copy on www.betterworldbooks.com. If you struggle with maths and couldn't apply what you learned in your maths subject/s than do yourself a favour and buy a copy of this book and Alpha Chiang's Fundamentals of Mathematical Economics.