Espinosa, Miguel and Rondon, Carlos and Romero, Mauricio (2012): The use of mathematics in economics and its effect on a scholar's academic career.
This is the latest version of this item.

PDF
MPRA_paper_41363.pdf Download (532kB)  Preview 
Abstract
There has been so much debate on the increasing use of formal mathematical methods in Economics. Although there are some studies tackling these issues, those use either a little amount of papers, a small amount of scholars or cover a short period of time. We try to overcome these challenges constructing a database characterizing the main socio demographic and academic output of a survey of 438 scholars divided into three groups: Economics Nobel Prize winners; scholars awarded with at least one of six prestigious recognitions in Economics; and academic faculty randomly selected from the top twenty Economics departments worldwide. Our results provide concrete measures of mathematization in Economics by giving statistical evidence on the increasing trend of number of equations and econometric outputs per article. We also show that for each of these variables there have been four structural breaks and three of them have been increasing ones. Furthermore, we found that the training and use of mathematics has a positive correlation with the probability of winning a Nobel Prize in certain cases. It also appears that being an empirical researcher as measured by the average number of econometrics outputs per paper has a negative correlation with someone's academic career success.
Item Type:  MPRA Paper 

Original Title:  The use of mathematics in economics and its effect on a scholar's academic career 
Language:  English 
Keywords:  Nobel Prize, Mathematics, Economics, Reputation 
Subjects:  N  Economic History > N0  General > N01  Development of the Discipline: Historiographical; Sources and Methods B  History of Economic Thought, Methodology, and Heterodox Approaches > B3  History of Economic Thought: Individuals C  Mathematical and Quantitative Methods > C1  Econometric and Statistical Methods and Methodology: General > C14  Semiparametric and Nonparametric Methods: General C  Mathematical and Quantitative Methods > C8  Data Collection and Data Estimation Methodology; Computer Programs > C81  Methodology for Collecting, Estimating, and Organizing Microeconomic Data 
Item ID:  41363 
Depositing User:  Miguel Espinosa 
Date Deposited:  16. Sep 2012 09:13 
Last Modified:  12. Feb 2013 08:42 
References:  Anderson, G., Go, B. & Tollison, R. (1986), `The rise and (recent) decline of mathematical economics', History of Economics Society Bulletin 8, 4448. Association, A. E. (1948), Papers and Proceedings of the Sixtieth Annual Meeting of the American Economic Association. Backus, D. K. & Kehoe, P. J. (1992), `International evidence of the historical properties of business cycles', American Economic Review 82(4), 86488. Bai, J. (1997), `Estimating multiple breaks one at a time', Econometric Theory 13(01), 315352. Bai, J. & Perron, P. (1998), `Estimating and testing linear models with multiple structural changes', Econometrica 66(1), 4778. Bai, J. & Perron, P. (2003), `Computation and analysis of multiple structural change models', Journal of Applied Econometrics 18(1), 122. Bell, J. W. (1953), Handbook of the American Economic Association., The American Economic Review. Blaug, M. & Vane, H. R., eds (2003), Who's Who in Economics, Edward Elgar Publishing; 4 edition. Colander, D. (2005), The making of an economist redux, Middlebury College Working Paper Series 0531, Middlebury College, Department of Economics. Colander, D., ed. (2000), Complexity and the History of Economic Thought (Perspectives on the History of Economic Thought), Routledge. Colander, D. & Klamer, A. (1987), `The making of an economist', The Journal of Economic Perspectives pp. 95111. Debreu, G. (1984), `Economic theory in mathematical mode', The American Economic Review 74(3), 267278. Debreu, G. (1986), `Theoretic models: Mathematical form and economic content', Econometrica 54(6), 12591270. Debreu, G. (1991), `The mathematization of economic theory', The American Economic Review 81(1), 17. Ekwurzel, D. & McMillan, J. (2001), `Economics online', Journal of Economic Literature (1), 39. Goe, W. L. & Parks, R. P. (1997), `The future information infrastructure in economics', The Journal of Economic Perspectives 11(3), 7594. Gordon, R. (1997), `What is the econometric society? history, organization, and basic procedures', Econometrica 65(5), 14431451. Group, P. I. I. A. E. (n.d.), `Nasar, sylvia', The New York Times, January 4, 1992, pg. 135. Grubel, H. G. & Boland, L. A. (1986), `On the ecient use of mathematics in economics: Some theory, facts and results of an opinion survey', Kyklos 39(3), 41942. Hamermesh, D. S. & Schmidt, P. (2003), `The determinants of the econometric society fellows elections', Econometrica 71(1), 399407. Hodgson, G. (2004), `On the problem of formalism in economics', PostAutistic Economics Review 25(1). Hodrick, R. Prescott, E. (2007), `Journal of money, credit and banking', Post U.S. Business Cycles: An Empirical Investigation 29(1), 116. Katzner, D. (2003), `. why mathematics in economics?', Journal of Post Keynisian Economics 25(4). Krugman, P. (1998), `Two cheers for formalism', The Economic Journal 108(451), 18291836. Kuttner, R. (1985), `The poverty of economics', The Atlantic Monthly. 7484. Lawson, T. (2001), `Two responses to the failings of modern economics: the instrumentalist and the realist', Review of Population and Social Policy 10, 155181. Lindbeck, A. (2001), The Sverigs Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 19692007 in The Nobel Prize: The First 100 Years, Imperial College Press and World Scientic Publishing Co. Pte. Ltd. McCloskey, D., Katzner, D., Leamer, E. & Solow, R. (1991), `Has formalization in economics gone too far?', Methodus 3(1), 631. Mirkowski, P. (1991), `The when, the how and the why of mathematical expression in the history of economics analysis', The Journal of Economic Perspectives 5(1), 145157. Rader, T. (1972), Theory of Microeconomics, New York Academic Press, Inc. Rampell, C. (2009), `Prize deflation', The New York Times, Economix. accessed on December 18, 2009 http://economix.blogs.nytimes.com/2009/01/04/prizede ation/. Samuelson, P. (1954), `Introduction: Mathematics in economicsno, no or yes, yes, yes?', The Review of Economics and Statistics 36(4), 359. Taylor, J. (2001), `Jstor: An electronic archive from 1665', Notes and Records of the Royal Society of London 55(1), 179{ 181. Varian, H. (1997), `The aea's electronic publishing plans: A progress report', The Journal of Economic Perspectives 11(3), 95{104. 
URI:  http://mpra.ub.unimuenchen.de/id/eprint/41363 
Available Versions of this Item

The use of mathematics in economics and its effect on a scholar's academic career. (deposited 15. Sep 2012 00:30)
 The use of mathematics in economics and its effect on a scholar's academic career. (deposited 16. Sep 2012 09:13) [Currently Displayed]