Calculus in Economics – Important Features, Challenges, and Consequences

Calculus plays an important role in economics, especially within economic theory. However, the way economists use calculus differs from how mathematicians understand and teach calculus. In this paper, we first present examples from micro- and macroeconomics illustrating the kind of calculus used in economics concretely. We then provide an overview on features of calculus in economics which we draw from the examples. Finally, we point out challenges for economics students relating the mathematical content in the examples presented and the features identified, and discuss several consequences for teaching calculus to economics students. The paper advances knowledge in as much as the specificities of calculus for economics students have received scant attention in mathematics education research, despite the high relevance of economics for modern society and the large number of students enrolled in economics study programs.