Economics, mathematics and statistics:

Among other sciences, economics is associated to statistics and mathematics. Statistics is the science of averages. This is the science of counting. Many tables and diagrams employed in economics are depends on statistical analysis. Mathematical techniques are largely employed in modern economics.

Now we have a new science termed as econometrics. It makes utilization of statistics and mathematics in economics. The econometric society was founded in the year1930, and the first Nobel Prize in economics was awarded to Ragnar Frisch and Jan Tinberen for their involvement to econometrics.

Static and dynamic concepts:

Time element is very helpful in studying the working of an economy. There are two key lines of approach. They are:

1. Static analysis and
2. Dynamic analysis.

In the situation of static analysis, we inspect a trouble at any given moment of time. Even in static analysis, at times we consider a short period instead of a single point. We suppose that some changes occur during the short period. The technique of approach where we take note of changes in short period is termed as comparative statics. For illustration, in comparative statics, we match up to the state of economy at one moment to the economy at other moment. Marshall’s analysis of supply and demand is a good illustration of comparative statics.

In dynamic analysis, we inspect the path or procedure by which the economy moves from one state of equilibrium to the other. Time element is a significant factor in dynamic analysis. Change is the keyword in the dynamic analysis. For illustration, investment during a period might depend upon the rate of interest in the preceding period. The study of trade cycle might be given as a good instance of dynamic analysis.

Stocks and flows:

Stocks and flows are fundamental concepts in economics. Stocks can be measured at a specified point of time. The flow is an amount which can be measured only in terms of particular period of time. In another words, it has a time dimension. For illustration, wealth is a stock and income is flow.

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