04 Oct 2023

Last update 12 / 09 / 2017

Statistics and Its Relation to Mathematical Economics

Assuming that mathematical economics is the application of mathematics to express theories and relations among economic phenomena variables, taking the advantage that using the mathematical approach to express economic problems would make it easier and simpler when presenting such problems, thus achieving accurate results in a neutral and clear manner when it comes to analyzing facts. Hence, the mathematical approach mainly depends, when presenting and mathematically expressing such problems, on the statistical method and its theories.

Economic modeling, including developing hypotheses, conducting statistical tests and forecasting the targeted economic variables, would, in particular, depend on such statistical method and its theories to identify trends and disseminate outputs.

Lately, the relationship between statistics and econometrics has been acknowledged, especially by economists who see that realistic assumptions should be considered when developing mathematical modeling to minimize the gap between the model theorem and realistic application thereof.


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