The use of mathematics in economics and its effect on a scholar's academic career
AbstractThere has been so much debate on the increasing use of formal 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 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 worldwide prestigious economics recognitions; and academic faculty randomly selected from the top twenty economics departments. We give statistical evidence on the increasing trend of number of equations and econometric outputs per article, showing that for each of these variables there have been four structural breaks and three of them have been increasing ones. Therefore, we provide concrete measures of mathematization in Economics. Furthermore, we found that the use and training in 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 has a negative correlation with someone's academic career success.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41341.
Date of creation: Sep 2012
Date of revision:
Nobel Prize; Mathematics; Economics; Reputation;
Find related papers by JEL classification:
- N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
- B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-22 (All new papers)
- NEP-EDU-2012-09-22 (Education)
- NEP-HIS-2012-09-22 (Business, Economic & Financial History)
- NEP-HME-2012-09-22 (Heterodox Microeconomics)
- NEP-HPE-2012-09-22 (History & Philosophy of Economics)
- NEP-SOG-2012-09-22 (Sociology of Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- William L. Goffe & Robert P. Parks, 1997. "The Future Information Infrastructure in Economics," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 75-94, Summer.
- David K. Backus & Patrick J. Kehoe, 1991.
"International evidence on the historical properties of business cycles,"
145, Federal Reserve Bank of Minneapolis.
- Backus, David K & Kehoe, Patrick J, 1992. "International Evidence of the Historical Properties of Business Cycles," American Economic Review, American Economic Association, vol. 82(4), pages 864-88, September.
- David K. Backus & Patrick J. Kehoe, 1992. "International Evidence on the Historical Properties of Business Cycles," Working Papers 92-5, New York University, Leonard N. Stern School of Business, Department of Economics.
- Grubel, Herbert G & Boland, Lawrence A, 1986. "On the Efficient Use of Mathematics in Economics: Some Theory, Facts and Results of an Opinion Survey," Kyklos, Wiley Blackwell, vol. 39(3), pages 419-42.
- Robert J. Gordon, 1997. "What is the Econometric Society? History, Organization, and Basic Procedures," Econometrica, Econometric Society, vol. 65(6), pages 1443-1452, November.
- Debreu, Gerard, 1986. "Theoretical Models: Mathematical Forms and Economic Content," Econometrica, Econometric Society, vol. 54(6), pages 1259-70, November.
- John McMillan & Drucilla Ekwurzel, 2001. "Economics Online," Journal of Economic Literature, American Economic Association, vol. 39(1), pages 7-10, March.
- David Colander, 2005.
"The Making of an Economist Redux,"
Journal of Economic Perspectives,
American Economic Association, vol. 19(1), pages 175-198, Winter.
- Bai, Jushan, 1997.
"Estimating Multiple Breaks One at a Time,"
Cambridge University Press, vol. 13(03), pages 315-352, June.
- Anderson, Gary M. & Goff, Brian L. & Tollison, Robert D., 1986. "The Rise and (Recent) Decline of Mathematical Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 8(01), pages 44-48, June.
- Jushan Bai & Pierre Perron, 2003.
"Computation and analysis of multiple structural change models,"
Journal of Applied Econometrics,
John Wiley & Sons, Ltd., vol. 18(1), pages 1-22.
- Tom Doan, . "BAIPERRON: RATS procedure to perform Bai-Perron Test for Multiple Structural Changes," Statistical Software Components RTS00013, Boston College Department of Economics.
- BAI, Jushan & PERRON, Pierre, 1998. "Computation and Analysis of Multiple Structural-Change Models," Cahiers de recherche 9807, Universite de Montreal, Departement de sciences economiques.
- Tom Doan, . "RATS programs to replicate examples of Bai-Perron procedure," Statistical Software Components RTZ00008, Boston College Department of Economics.
- Tom Doan, . "MULTIPLEBREAKS: RATS procedure to perform multiple structural change analysis," Statistical Software Components RTS00138, Boston College Department of Economics.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Mathematics, Econometrics and the top economist's career outcomes
by Economic Logician in Economic Logic on 2012-10-08 14:15:00
- 10 Tuesday PM Reads
by Barry Ritholtz in The Big Picture on 2012-10-09 20:30:35
- Mathematics, Economics, & the Nobel Prize
by Dave Giles in Econometrics Beat: Dave Giles' Blog on 2012-10-09 18:55:00
by himaginary in himaginaryの日記 on 2012-10-19 07:00:00
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.