Research note: An Overview of the Traditional Discussion on General Optimization Methodology in the Field of Mathematical Economics

Optimization methods used in economics are applied in situations where a certain objective function, such as utility or expenditure, is to be maximized or minimized under constraints such as budget constraints.Typical methods include the methodology of Lagrange multipliers, which is used under equality constraints, and the Karush-Kuhn-Tucker condition, which is used under inequality constraints. Here an overview of each is provided.