The Center for Mathematical Studies in Economics and Management Science (CMS-EMS) was created in 1971 to bring together economists, mathematicians, and social scientists at Northwestern University who ...

Explore whether economics can be considered a science, analyzing its classification, testability, and consensus within social science debates.

Economic man represents a rational actor, aiming to maximize utility and satisfaction. Discover his role and the impact the concept has in economic theories and models.

Today’s economists rarely consult Adam Smith’s 1776 The Wealth of Nations, however celebrated it is for revealing the workings of the market. Contemporary practitioners are often more at home with ...

Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...