Mathematics for Economists
ฝัง
- เผยแพร่เมื่อ 18 ก.ย. 2024
- 5/5 Stars
Summary:
This book does a great job at covering the mathematics needed to do economics, statistics, finance, and some data science. The book has a great structure that builds on itself well. The level of education is a masters level if the entire book is covered.
Contents:
Part1
Introduction
One-Variable Calculus: Foundations
One-Variable Calculus: Applications
One-Variable Calculus: Chain Rule
Part 2
Introduction to Linear Algebra
Systems of Linear Equations
Matrix Algebra
Determinants: An Overview
Euclidean Spaces
Linear Independence
Part 3
Limits and Open Sets
Functions of Several Variables
Calculus of Several Variables
Implicit Functions and Their Derivatives
Part 4
Quadratic Forms and Definite Matrices
Unconstrained Optimization
Constrained Optimization I: First Order Conditions
Constrained Optimization II
Homogeneous and Homothetic Functions
Concave and Quasiconcave Functions
Economic Applications
Eigenvalues and Eigenvectors
Ordinary Differential Equations: Scalar Equations
Ordinary Differential Equations: Systems of Equations
Determinants: The details
Subspace Attached to a Matrix
Applications of Linear Independence
Part 7
Limits and Compact Sets
Calculus of Several Variables II
Part 8 - Appendix
Sets, Numbers, and Proofs
Trigonometric Functions
Complex Numbers
Integral Calculus
Introduction to Probability
Selected Answers
Buy the book here: amzn.to/2PiTkvM (affiliate)
DISCLAIMER: This description contains affiliate links which means that if you click on one of the product links, I’ll receive a small commission for driving traffic to Amazon. Affiliate links help support this channel and allows me to continue to make videos like this. Thank you for the support this channel!
I cant stress how important this book is. I had taken Calc1,2,3, vector calculus, set theory, probability theory, linear algebra, and various applied math courses as an undergraduate... and still found this book very challenging. Crucial for anyone doing economics or anyone who wants to do legit economic modeling
I've been looking for a solid mathematics book as background to check sometimes, since mathematics is a must, and this book called my attention one moth ago. I've checked the index and it was a general book with basic linear algebra and analysis, plus some application. The fact is that this book is very good for those who need to go from basic to intermediate math, but it can't be a strong background alone... I think a book should dedicate only about linear algebra and analytical geometry and two more books dedicated more deeply on analysis 1 and 2 (you call it calculus in usa). By the way for financial world I would recommend also an operations research book
The book is meant for applying math to economics/finance. It assumes you have already taken calculus 1 and 2. The book does quick overviews in the beginning to remind students of concepts before applying them to economic problems. I agree with you, this book is not meant to be a pure math book. If you are looking for a pure math book you should purchase specific books on Algebra, Algebraic Geometry, Calculus, Combinatorics. Differential Equations, Geometry, Logic, Number Theory, Probability, Topology, and etc. Something most math majors don't understand is that the topics you covered in high school and undergrad are covered in far greater depth in a PhD/Masters program. For example, algebra is usually a required topic as you can study specific parts of it such as commutative algebra or algebraic topology.
One of my favorite TH-cam channels has a map on math that you might like.
th-cam.com/video/OmJ-4B-mS-Y/w-d-xo.html
Dimitri Bianco actually i thought it was covering calculus 1 plus linear algebra in a general way plus all applications of that in economic problems. I have a similar book of mathematics for economics and it covers the same topics. Maybe it is another book but I think Blume made only one math for economics, really weird🤔 I will check it better
Thanks a lot for sharing review of this book. I am an economics undergraduate student. I was recommended a book by Sydaester and Hammond, " Mathematics for Economic Analysis" for my math for economics course. For some reason, my professor did not choose to maintain the difficulty level according the recommended book. I once saw the book, which is reviewed in this video, in his hand during last few lectures of the semester. When I enquired him about the book, he told me to stick to the recommended book for the course and I did. I barely passed in his course and most of the students were in similar position. I want to improve math skills because they suck. Do you recommend to study this book or I should refer to MOOCs on Coursera/Edx?
It really depends on what type of math you are struggling with. This book has a more applied approach meaning it does a general overview of the math and then dives into applying it. As a pure math book, this book would be lacking as it assumes you have covered the general topics behind the applications. If you are struggling with the math part I would recommend you check out Patrick JMT's website. He has a long list of videos on math that I have found to be helpful.
patrickjmt.com/
Does anyone know how this compares to the primer for financial engineering textbook? Thanks.
The primer is much shorter (284 pages) and focuses on some math topics applied to financial engineering examples (most of it is applied to option pricing). Mathematics for Econometrics is much longer (930 pages) and covers a wide range of topics at a greater depth. This book is more focused on the math with some economic examples.
If you are looking for a quick reminder on how to do topics I would buy the primer. If you are wanting to learn the material, I would buy the Mathematics for Economists book.
@@DimitriBianco Got it! Thank you. I'm an Economics major at my University so it should help me there as well :)
As a followup, would you think it'd be a good idea to buy/learn from independent stats and probability textbooks? Or would you think that an Econometrics textbook would cover all necessary stats/probability? I'd assume the math would probably have to be learned separately.
What would be the best book for undergraduates?
This book can also be good for undergrad as long as you have taken one or two calculus classes.
Why it this book still expensive? New one 125 Euro,used is 80 euro
Can you also recommend any statistics book for economics , especially for who are beginner
This is my favorite book. It is very thick and can be used for both undergraduate and graduate studies. I still use it for my job.
th-cam.com/video/uK8ZmKWnBuQ/w-d-xo.html
@@DimitriBianco thanks. Really appreciate
Hello, I'm Brazilian and I'm still in my undergraduate economics course and would like a book a little more introductory, here in Brazil this simon's book is considered as very robust. I am in doubt among some and would like if you can indicate me one among these:
Taro Yamane
RGD Allen
Alpha Chiang
Caroline Dinwiddy
SGB Henry
JA Schumpeter
Eden Gonçalves de Oliveira
Unfortunately I couldn't find a lot of information on those books. If you had to choose one, I would buy Alpha Chiang's Fundamental Methods of Mathematical Economics.
Fora Bozonaro
would you recommend this over Michael Hoy's book?
I have not read Hoy's book but the topics covered look to be about the same.
Hi Bianco, if you please write the name of the authors in a comment as i need this book for my postgraduate study in Economics
The authors are:
Carl P. Simon
Lawrence Blume
Great review!
That's nice. Can you review a book that covers probability and statistics or statistical inference? I feel like that's what employees are really looking for in terms of knowledge.
I have two books about probability and stats that I'll review. Let me know if you prefer I review one before the other. Also, what type of jobs have you been applying to? If I know that I could select the more appropriate book.
1) Probability & Statistics for Engineering and the Sciences by Jay L. Devore
2) Probability and Statistical Inference by Robert V. Hogg and Elliot A. Tanis
Hey guys I bought a sensational book for stats. It is a 950 pages containing descriptive and inferencial stats, plus models plus probability. It is named statistics written by Domenico Piccolo. It is italian, but you could check if it's printed in English too
Choose whichever you like, preferably the one that is suitable for self-study. Given the reader is familiar with calculus and linear algebra.
My economics sounds scary as someone with limited math skills. Maybe I better not choose PPE (Philosophy, Politics, and Economics) for my university major. Hmm... I'll have to do some more research.
This is literally 1st/early 2nd year level material in Europe. Super basic stuff. How was this a grad school course?? LOL. I really question the rigor of American Universities including the Ivy Leagues
You might be surprised then where the Europeans fall in their grad classes in the US.
Machismo I believe what he means by that this text is used in grad school is not that there is a graduate course based entirely on this book but rather that the text is cited as a supplementary or as a review material. Btw I'm not sure if you're willing to consider LSE as an European school but their preparatory math camp for incoming economics masters students is based (almost entirely) on Simon&Blume.
That's what I was actually saying, I covered this material at the first semester of undergraduate, and I really consider it not more than intermediate. Expecially in italy we have a very deep education and all exchange students I've heard (from America and Europe) told me we do too difficult stuff and they had big problems. I've been in Chile as well when I was a teenager (which education system is like in usa) and since those times I remember American school was so easier than Italian. But, I have to admit, American education system has something that Italian and maybe Europe in general does not have, probably more focused on practical point of view. In fact for me was easy stuff but at the same time I struggled a little bit when I was adapting to that system, it is really hard to explain. I won't consider one thing better than the other one but in this case guys, topics covered by this book aren't so strongly advanced. That said the book is good because gives a strong background and Dimitri please keep going suggesting books!
@@DimitriBianco lol - first question in statistics: what's your population? Now re-evaluate your answer. Thank me later ;)
European universities are a joke, I was an exchange student at one of the "top" German universities and the knowledge of students in mathematics was laughable.