Origins, Roles and Consequences of Mathematics Application in Economics

For anybody who has a little knowledge about economics, the study of economic papers will be astonishing. By reviewing economic journal one wonders, "Is this economics or a branch of mathematics?" However, this is the present state of this branch of science. It seems that, to learn it one needs to know mathematics rather than culture, history, institutions and institutional structures. Indeed, the present state of economics is reminiscent of the motto of Plato's Academy, "Whoever enters here must know mathematics". Now it is important to ask, "Why did economics depend on so much to mathematics?"; "Did mathematics provide a key to understanding of economic problems?"; "Why do economists resort to mathematics?" These and other similar questions signify high interaction between mathematics and economics. By focusing on these questions, this paper will demonstrate two important issues. First, contrary to conventional belief, resorting to mathematics is not a reaction to Marx's attack on economics. Through the theory of labor value; but rather, such attitude enjoys a philosophical basis, according to which, economics is regarded as scientific only when it is based on mathematics. Second, resorting to mathematics has restricted the scope of economics and has led to the elimination of some very important issues and phenomena from economic analysis.