Are group theory, field theory, Galois theory or category theory useful in theoretical economics?
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For example, Galois connections have made an appearance in a recent paper on implementation by Noldeke and Samuelson: http://www.wiso.tu-dortmund.de/wiso/mik/Medienpool/theoretischer_ausschuss/downloads/2013/TA13Noeldeke.pdf.
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Answer:
In the context of that paper, a "Galois connection" simply refers to an order-reversing correspondence of posets. So it's quite unlikely that knowing anything nontrivial about Galois theory would be helpful in understanding that paper. In a broader sense, it's hard to say what kind of math is relevant to what kind of real-world problem. Prior to the 20th century most people wouldn't have thought that group theory was particularly relevant to fundamental physics. Current mainstream economic models aren't closely tied to algebra, but of course it's well known that current models have very serious shortcomings and perhaps fixing these will require a dramatically different class of model that would be amenable to analysis by other kinds of math.
Daniel McLaury at Quora Visit the source
Other answers
Algebraic methods are pretty standard in optimization theory, although they're still somewhat specialized. It's an understatement to say that economic theory and optimization theory are deeply related, so as the use of algebra in optimization grows, it'll start showing up in economic theory as well. There's also a small body of literature on algebraic methods in (algorithmic) game theory, and I expect that that will become more prominent over time. Algorithmic game theory is still somewhat divorced from mainstream economics, but that will probably end up being a shrinking gap, so there's another potential avenue of entry.
Justin Rising
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