Economics need a scientific revolution
General Finance
2009-11-13 v1 Physics and Society
Abstract
I argue that the current financial crisis highlights the crucial need of a change of mindset in economics and financial engineering, that should move away from dogmatic axioms and focus more on data, orders of magnitudes, and plausible, albeit non rigorous, arguments.
Keywords
Cite
@article{arxiv.0810.5306,
title = {Economics need a scientific revolution},
author = {Jean-Philippe Bouchaud},
journal= {arXiv preprint arXiv:0810.5306},
year = {2009}
}
Comments
An edited version of this essay appeared in Nature