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A Review of Mathematical Models of Macroeconomics, Microeconomics, and Government Regulation of the Economy

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  • Veniamin Mokhov

    (Department of Digital Economy and Information Technology, School of Economics and Management, South Ural State University, 76 Prospekt Lenina, 454080 Chelyabinsk, Russia)

  • Sergei Aliukov

    (Department of Automotive Engineering, Institute of Engineering and Technology, South Ural State University, 76 Prospekt Lenina, 454080 Chelyabinsk, Russia)

  • Anatoliy Alabugin

    (Department of Digital Economy and Information Technology, School of Economics and Management, South Ural State University, 76 Prospekt Lenina, 454080 Chelyabinsk, Russia)

  • Konstantin Osintsev

    (Department of Energy and Power Engineering, Institute of Engineering and Technology, South Ural State University, 76 Prospekt Lenina, 454080 Chelyabinsk, Russia)

Abstract

This review analyzes articles on the mathematical modeling of economic facts and processes. Mathematical modeling of the economy has rapidly developed in the past and current centuries. This is explained by the fact that, firstly, economics does not tolerate full-scale experiments, secondly, mathematical modeling significantly improves the accuracy of research results, and, finally, thirdly, economics becomes a science only when it is based on mathematics. The article presents an overview of the main methods of economic modeling used in scientific research over the past twenty years. The review does not claim to cover all areas, methods, and models used in scientific research in the field of economics. This cannot be done in one article. Mathematical modeling of only three sections of economic theory is considered: macroeconomics, microeconomics, and state regulation of the economy. The review of research methods and models in the microeconomics section, which are available in the scientific research toolkit but have already been described in the macroeconomics section, has been omitted. Only effective, practice-tested models are used in the Review. We hope that this review will be useful to scientists involved in the indirect study of economic phenomena and processes.

Suggested Citation

  • Veniamin Mokhov & Sergei Aliukov & Anatoliy Alabugin & Konstantin Osintsev, 2023. "A Review of Mathematical Models of Macroeconomics, Microeconomics, and Government Regulation of the Economy," Mathematics, MDPI, vol. 11(14), pages 1-37, July.
    • Handle: RePEc:gam:jmathe:v:11:y:2023:i:14:p:3246-:d:1201119
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    References listed on IDEAS

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    Cited by:

    1. Kyriaki Tsilika, 2023. "Exploring the Contributions to Mathematical Economics: A Bibliometric Analysis Using Bibliometrix and VOSviewer," Mathematics, MDPI, vol. 11(22), pages 1-21, November.

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