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Applications of Linear Algebra in Economics

In: Economic Analysis Through Mathematics

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  • Zrinka Lukač

    (University of Zagreb, Faculty of Economics & Business)

Abstract

One of the common questions students ask when studying mathematics is: Why do I need this? Where can I apply this? The same is true for students of economics. This is why in this chapter we list some applications of linear algebra and its seemingly abstract concepts in economics. We have already explored some key applications to economics, like determining market equilibrium and input-output analysis. In this chapter we shortly review the important applications we have seen so far, as well as outline some more applications, demonstrating how the seemingly abstract concepts of vectors, matrices, and determinants provide concrete insights into real-world economic problems. We provide some applications of linear algebra to microeconomics and macroeconomics, linear programming, game theory, econometrics and regression analysis, as well as dynamic economic models.

Suggested Citation

  • Zrinka Lukač, 2026. "Applications of Linear Algebra in Economics," Springer Texts in Business and Economics, in: Economic Analysis Through Mathematics, chapter 6, pages 153-162, Springer.
    • Handle: RePEc:spr:sptchp:978-3-032-08812-3_6
    DOI: 10.1007/978-3-032-08812-3_6
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