SOME DEVELOPMENTAL TENDENCIES OF MATHEMATICAL ECONOMISTS IN RECENT TIMES

A review essay focusing on Martin Shubik, who edited ES- SAYS IN MATHEMATICAL ECONOMICS (Princeton, NJ: 1967), a Festschrift in honor of Oscar Morgenstern. It is observed that Morgenstern has been a central point of recent developments in mathematical econ's. Elements in game theory are related to econ theory & problems of econ's, & n-person games, game strategies, fair dealing, learning processes, & exp'al games are discussed as treated in the book, in the context of econ's. An analysis is then undertaken of mathematical programming re exact econ theory & practices of manag. It is felt that management sci cannot be substituted for micro-econ theory. Models of decision-making & probability calculus are dealt with & theories re teamwork, COMM & information, signals & action are examined. The above collection of essays is compared with a variety of res by other authors, including A. Y. C. Koo, A. F. Burns & W. L. Mitchell, & A. Wald. Spectral analysis of costs & price & living-cost indices are also discussed. Finally, the limitations of mathematical methods are pointed out & the inadequate basis of formal theory is noted. The final limits lie in the empirical usefulness of mathematically formulated hyp'al interrelations, & these limits apply not only to econ's but to all conceptualization of the soc sci's. The phenomena differ in the degree to which they can be measured. M. Maxfield.