Related papers: Economics need a scientific revolution
The contemporary academic ecosystem, heir to the Enlightenment's "Republic of Letters," finds itself in a state of profound and unsustainable crisis. That order, based on the free flow of correspondence and the disinterested pursuit of…
We are in the middle of a complex debate as to whether Economics is really a proper natural science. The 'Discussion & Debate' issue of this Euro. Phys. J. Special Topic volume is: 'Can economics be a Physical Science?' I discuss some…
The unexpected discoveries at the beginning of the century, particularly thanks to Heisenberg, Bohr, and Godel, has driven the science to drastic changes, opening new, extraordinary, and infinite research fields. After this, many scientists…
The global financial system stands at an inflection point. Stablecoins represent the most significant evolution in banking since the abandonment of the gold standard, positioned to enable "Banking 2.0" by seamlessly integrating…
Econophysics is a new area developed recently by the cooperation between economists, mathematicians and physicists. It's not a tool to predict future prices of stocks and exchange rates. It applies idea, method and models in Statistical…
Recent developments in the global liberalization of equity and currency markets, coupled to advances in trading technologies, are making markets increasingly interdependent. This increased fluidity raises questions about the stability of…
The cost of the impacts of climate change have already proven to be larger than previously believed. Understanding the costs and benefits of adapting to the changing climate is necessary to make targeted and appropriate investment…
Economic transformation -- change in what an economy produces -- is foundational to development and rising standards of living. Our understanding of this process has been propelled recently by two branches of work in the field of economic…
The overall objective of Requirements Engineering is to specify, in a systematic way, a system that satisfies the expectations of its stakeholders. Despite tremendous effort in the field, recent studies demonstrate this is objective is not…
In economics, construction of perfect models in a way that would be comparable to the standards customary in physical sciences is generally not feasible. In particular, the observed value for an economic equilibrium may deviate…
Economic and financial networks play a crucial role in various important processes, including economic integration, globalization, and financial crises. Of particular interest is understanding whether the temporal evolution of a real…
We critically review recent claims that financial crashes can be predicted using the idea of log-periodic oscillations or by other methods inspired by the physics of critical phenomena. In particular, the October 1997 `correction' does not…
Economic engineering is a new field wherein economic systems are modelled in the same manner as traditional mechanical and electrical engineering systems. In this paper, we use Newton's theory of motion as the basis for the theory of…
This paper is an original attempt to understand the foundations of economic reasoning. It endeavors to rigorously define the relationship between subjective interpretations and objective valuations of such interpretations in the context of…
One of the themes that have been approached more and more within the specialised literature is being represented by economic cycles. The analysis of these is very useful in the long term predictions, in finding solutions for the economic…
This paper introduces the concept of Engineering Economy as a new paradigm for understanding and managing macroeconomic policy in middle-income countries seeking to escape the middle-income trap. Drawing on Turkiye's post-2001 economic…
With negative growth in real production in many countries and debt levels which become an increasing burden on developed societies, the calls for a change in economic policy and even the monetary system become louder and increasingly…
I sketch a program for a microeconomic theory of the main component of the business cycle as a recurring disequilibrium, driven by incompleteness of the financial market and by information asymmetries between borrowers and lenders. This…
More than hundred years ago the 'classic physics' was it in its full power, with just a few unexplained phenomena; which however led to a revolution and the development of the 'modern physics'. Today the computing is in a similar position:…
Critically growing problems of fundamental science organisation and content are analysed with examples from physics and emerging interdisciplinary fields. Their origin is specified and new science structure (organisation and content) is…