The Rising Model (RM) of the Needonomist Mathematician: Fostering Social Good by Integration of Economics and Mathematics

The Rising Model (RM) of the Needonomist Mathematician: Fostering Social Good by Integration of Economics and Mathematics
By Professor Rashmi Bhardwaj & Professor Madan Mohan Goel

For the ever-evolving landscape of economics and mathematics in present times, a new breed of professionals is emerging as Needonomist Mathematicians (NM). Combining the analytical rigour of mathematics with the practical insights of economics, these experts are paving the way for innovative solutions to complex societal challenges. These individuals possess a unique blend of analytical prowess, economic acumen, and mathematical expertise, making them instrumental in tackling some of society’s most pressing challenges.

To meet the challenges of addressing societal needs and promoting social good, RM of the NM seeks to integrate economics and mathematics for social benefit more than mathematical economics as a branch of economics.

Needonomist as an economist promoting  Gita-based needonomics (economics of needs) suggesting a focus on addressing societal needs through economic principles to prioritize understanding and addressing the needs of individuals and communities, rather than solely focusing on market forces based on theoretical models. Mathematicians recommend a strong emphasis on quantitative analysis and mathematical modelling. In the context of economics, mathematics is often used to formalize theories, analyze data, and make predictions about economic phenomena.

Understanding  NM : NM as a Needonomist Mathematician, as the name suggests, specializes in the intersection of need-based economics and mathematical modelling. Their work revolves around understanding and addressing the fundamental needs of individuals and communities through quantitative analysis and data-driven decision-making. The Needonomist Mathematician stands at the crossroads of economics and mathematics, harnessing the power of quantitative analysis to address societal needs efficiently. Their work revolves around optimizing resource allocation, designing effective policies, and promoting equitable outcomes through rigorous mathematical modelling and economic principles. Whether it’s optimizing public spending, designing welfare programs, or tackling inequality, NMs employ sophisticated mathematical models to inform policy decisions and drive positive social outcomes.

Applications across Diverse Domains: From poverty alleviation to healthcare, education, and beyond, the expertise of NMs finds application in a wide array of fields:

Poverty Eradication more than Alleviation:  One of the key areas where NMs are making significant contributions is in poverty eradication more than alleviation. By leveraging mathematical techniques such as optimization, game theory, and network analysis, these experts are devising innovative strategies to combat poverty at both local and global scales. From designing targeted cash transfer programs to optimizing microfinance initiatives, their work is helping to lift millions out of poverty and build more inclusive societies. By devising targeted interventions and social safety nets, NMs are working to uplift marginalized communities and break the cycle of poverty. Their mathematical models help identify the most effective strategies for allocating resources and supporting sustainable livelihoods.

 Needo-healthcare Optimization: In the realm of healthcare, NM plays a vital role in improving access, efficiency, and affordability. Through data-driven analysis, they identify areas for optimization in healthcare delivery, resource allocation, and disease prevention, ultimately enhancing public health outcomes.

Needo-education Enhancement: Education is another area where the expertise of NMs is making a significant impact. By analyzing educational data, identifying learning gaps, and optimizing educational programs, they contribute to improving educational outcomes and narrowing disparities in access to quality education.

Needo-economic and Environmental Sustainability: NMs are also at the forefront of environmental sustainability efforts necessary for economic sustainability. Through mathematical modelling and economic analysis, they evaluate the environmental impact of policies and initiatives, design efficient resource management strategies, and promote sustainable development practices.

Driving Evidence-Based Decision-Making: At the heart of NMs work lies a commitment to evidence-based decision-making and policy formulation. NMs provide policymakers with evidence-based insights and actionable rec commendations, informed by data-driven analysis and mathematical modelling, they contribute to more informed decision-making processes and better outcomes for society as a whole to guide policy decisions that maximize social welfare and promote inclusive growth. Whether it’s optimizing tax policies, designing social safety nets, or evaluating the impact of regulatory interventions, their expertise is indispensable in shaping policies that promote equity, efficiency, and social welfare.

However, despite their invaluable contributions, the field of needonomics and the role of NMs remain relatively under-recognized. As we navigate the complex challenges of the 21st century—from global pandemics to climate change—it is imperative that we recognize the importance of this emerging discipline and invest in its further development.

Challenges and Opportunities: Despite the immense potential of Needonomist Mathematicians, several challenges lie ahead. The interdisciplinary nature of their work requires collaboration across diverse fields, necessitating effective communication and interdisciplinary cooperation. Additionally, the need for advanced computational resources and data analytics capabilities poses practical challenges that must be addressed to fully leverage their expertise.

Conclusion: The emergence of Needonomist Mathematicians represents a promising convergence of economics and mathematics for social good and a step towards addressing the complex challenges facing modern society. By bridging the gap between economics and mathematics, these professionals are driving innovation, promoting equity, and shaping a brighter future for all. By harnessing the power of mathematical modelling and economic theory, these experts are driving positive change and advancing the cause of social justice and equity. As we confront the challenges of a rapidly changing world, their role will only become indispensable in shaping a brighter future for all.  As we navigate the complexities of the 21st century, their expertise will be indispensable in building resilient, sustainable, and inclusive societies.  Collaborating with economists, policymakers, and social scientists to translate mathematical insights into practical solutions for real-world problems.  Advocating for a more holistic approach to economics with greater emphasis on human well-being and social justice, the RM of the NMs represents a multidisciplinary approach that recognizes the interconnectedness of economics, mathematics, and social issues, with the ultimate goal of creating positive change for society. The eNM Research Lab is working honestly to promote the Needonomics School of Thought.

The first author is a Fellow of the Institute of Mathematics & Applications, UK; Professor of Mathematics, Nonlinear Dynamics Research Lab, University School of Basic & Applied Sciences, Guru Gobind Singh Indraprastha University, Delhi

The second author is Propounder Needonomics School of Thought , Former Vice-Chancellor, Starex University, Jagannath University, RGNIYD (GOI), and Superannuated Professor of Kurukshetra University.