Unlike many western universities, Indian universities were reluctant to I introduce mathematical economics in their under graduate and post graduate economics programme, though some of them are offering econometrics as one of the papers which contain more statistics and less mathematics. However universities of Calcutta, Delhi and Bombay are the trend setters in this area by introducing mathematical economics course with strong quantitative methods and applications in both the under graduate and post graduate programmes. Following the steps of these pioneer universities, other Indian universities have also now started giving more emphasis on quantitative methods and applications in teaching economics. However those students opting for an under graduate or post graduate programme are not always having sufficient background in mathematics, necessary for mastering the subject. The eligibility criteria also vary from university to university. Majority of the universities admit students to under graduate programme who have not offered mathematics at the higher secondary level. At least, an elementary level knowledge of vectors, matrices and calculus with basic concepts of mathematical statistics is essential for mastering various economic theories. We, being teachers of mathematics and economics have found that there is a dearth of a systematic approach in imparting mathematics to students of economics. Most of the text books available are either in a mathematical approach or in a social science approach. The former may appear difficult to economics students while the latter lost its mathematical flavor. This book is written by incorporating both of the approaches synchronously, so as to make home for both mathematics and social science. We feel that a text book of this kind with sufficient illustrations based on economic theory and applications will be more useful for students.
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