verb.
To give something a definite form; to shape.
verb.
To give something a formal or official standing.
verb.
To act with formality.
WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
verb.
make formal or official
verb.
declare or make legally valid
Word Usage
"The ability to test theories empirically has been one of the primary arguments in favour of the increasing use of math in economics and the need for methods that, in the minds of their users, "formalize" economic theories and their implications."