I'm currently undertaking postgraduate theory units in microeconomics and macroeconomics for the first time and it seems like I am supposed to turn into an applied mathematician, not an economist.
I understand the value of math, but it seems like many of the complex models I am learning have no direct value, just indirect value by the knowledge they bring and the opportunity to "see the bigger picture". In physics, math not only helps us think, but is essential to understand the mechanisms of nature. In economics, I feel as though mathematics creates a false sense of precision, though I may be wrong.
I speculate that if I were to speak to most CEO's in the world, they would have never heard of elementary concepts such as marginal revenue or marginal cost, and they definitely wouldn't incorporate complex economic models into their decision systems.
The models I am learning in macroeconomics: Overlapping Generation Model, Ramsey Model, Solow Model, the Permanent Income Hypothesis and so forth. Do central banks actively use these models or similar models in their decision systems? If they do, does anyone else?
Likewise in Microeconomics: Producer and Consumer Theory (advanced), Contract Design, Advanced Game Theory, Bayesian Econometrics, Asymmetric Information, Price Discrimination and so forth. Just how valuable are they?