Related papers: Economics need a scientific revolution
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic…
The article reconsiders the position of the foundations of mathematics after the discovery of HoTT. Discussion that this discovery has generated in the community of mathematicians, philosophers and computer scientists might indicate a new…
The rapid advances in technology over the last decade have significantly altered the nature of engineering knowledge and skills required in the modern industries. In response to the changing professional requirements, engineering…
Global financial systems are undergoing strategic shifts as geopolitical tensions reshape international trade and payments. The United States (US)-China trade war, sanctions regimes, and rising concerns over the weaponization of financial…
The world is changing at an ever-increasing pace. And it has changed in a much more fundamental way than one would think, primarily because it has become more connected and interdependent than in our entire history. Every new product, every…
We develop a theory of demand economics for an era of material abundance. The binding constraint on growth has shifted from insufficient aggregate demand to inadequate demand-tier upgrading. Our result is that, the new engine of growth lies…
The recent crash demonstrated (once again) that the description of the financial market by present financial mathematics cannot be considered as totally satisfactory. We remind that nowadays financial mathematics is heavily based on the use…
Econophysics embodies the recent upsurge of interest by physicists into financial economics, driven by the availability of large amount of data, job shortage in physics and the possibility of applying many-body techniques developed in…
Emerging techniques in computer science make it possible to "brain scan" large language models (LLMs), identify the plain-English concepts that guide their reasoning, and steer them while holding other factors constant. We show that this…
NLP community is currently investing a lot more research and resources into development of deep learning models than training data. While we have made a lot of progress, it is now clear that our models learn all kinds of spurious patterns,…
The 2008 global financial crisis marked the beginning of a decade dominated by fiscal austerity policies in much of the developed world. This paper presents a qualitative narrative review of an extensive collection of academic literature to…
In this editorial guide for the special issue on econophysics, we give a unique review of this young but quickly growing discipline. A suggestive taxonomy of the development is proposed by making a distinction between classical econophysics…
Modern demands of the statistics profession call for reimagining statistics training. The discipline needs to attract and develop students who are effective as real-world problem solvers, interdisciplinary collaborators, communicators,…
Using the mechanics of creep in material sciences as a metaphor, we present a general framework to understand the evolution of financial, economic and social systems and to construct scenarios for the future. In a nutshell, highly…
Contrary to claims about the irrelevance of philosophy for science, I argue that philosophy has had, and still has, far more influence on physics than is commonly assumed. I maintain that the current anti-philosophical ideology has had…
Socio-economic data mining has a great potential in terms of gaining a better understanding of problems that our economy and society are facing, such as financial instability, shortages of resources, or conflicts. Without large-scale data…
Astrophysics and planetary science are in crisis. The large missions we need for the next generation of observations cost too much to let us do more than one at a time. This spreads the science out onto a generational timescale, inhibiting…
In the General Theory, Keynes remarked that the economy's state depends on expectations, and that these expectations can be subject to sudden swings. In this work, we develop a multiple equilibria behavioural business cycle model that can…
Economies are fundamentally complex and becoming more so, but the new discipline of data science-which combines programming, statistics, and domain knowledge-can help cut through that complexity, potentially with productivity benefits to…
Data is a critical element in any discovery process. In the last decades, we observed exponential growth in the volume of available data and the technology to manipulate it. However, data is only practical when one can structure it for a…