Related papers: Economics need a scientific revolution
In this essay, I argue that modern science is not the dichotomous pairing of theory and experiment that it is typically presented as, and I offer an alternative paradigm defined by its functions as a human endeavor. I also demonstrate how…
Large Language Models (LLMs) are widely used for writing economic analysis reports or providing financial advice, but their ability to understand economic knowledge and reason about potential results of specific economic events lacks…
The paradigm of machine learning and artificial intelligence has pervaded our everyday life in such a way that it is no longer an area for esoteric academics and scientists putting their effort to solve a challenging research problem. The…
A call for coordinated action from government, academia, and industry.
Early warning systems (EWSs) are critical for forecasting and preventing economic and financial crises. EWSs are designed to provide early warning signs of financial troubles, allowing policymakers and market participants to intervene…
Many economic theories have been introduced over the course of history to articulate our understanding of the economy. Classical theories by Adam Smith and David Ricardo's Comparative Advantage have been foundational for the last century's…
Several authors, including the American Statistician (ASA), have noted the challenges facing statisticians when attacking large, complex, unstructured problems, as opposed to well-defined textbook problems. Clearly, the standard paradigm of…
In the wake of the on-going digital revolution, we will see a dramatic transformation of our economy and most of our societal institutions. While the benefits of this transformation can be massive, there are also tremendous risks to our…
Regression plays a key role in many research areas and its variable selection is a classic and major problem. This study emphasizes cost of predictors to be purchased for future use, when we select a subset of them. Its economic aspect is…
Econophysics is an approach to quantitative economy using ideas, models, conceptual and computational methods of statistical physics. In recent years many of physical theories like theory of turbulence, scaling, random matrix theory or…
Scientific knowledge and advances are a cornerstone of modern society. They improve our understanding of the world we live in and help us navigate global challenges including emerging infectious diseases, climate change and the biodiversity…
The 'Discussion & Debate' issue of this Euro. Phys. J. Special Topic volume is: 'Can economics be a Physical Science?' I would rather address a more general question: 'Can economics or sociology avoid joining Natural Science?' and argue…
Education in statistics, the application of statistics in scientific research, and statistics itself as a scientific discipline are in crisis. Within science, the main cause of the crisis is the insufficiently clarified concept of…
In this essay, I attempt to provide supporting evidence as well as some balance for the thesis on `Transforming socio-economics with a new epistemology' presented by Hollingworth and Mueller (2008). First, I review a personal highlight of…
This paper argues that philosophers of science have before them an important new task that they urgently need to take up. It is to convince the scientific community to adopt and implement a new philosophy of science that does better justice…
The document discusses the financial climate risk in the context of the banking industry, emphasizing the need for a comprehensive understanding of climate change across different spatial and temporal scales. It highlights the challenges in…
The recent interest in Big Data has generated a broad range of new academic, corporate, and policy practices along with an evolving debate amongst its proponents, detractors, and skeptics. While the practices draw on a common set of tools,…
Data science is not a science. It is a research paradigm with an unfathomed scope, scale, complexity, and power for knowledge discovery that is not otherwise possible and can be beyond human reasoning. It is changing our world practically…
A dangerously brief history of the developments of the main ideas in economics, as observed by a physicist, is given. This was published in 'Econophysics of Stock and Other Markets', Eds. A. Chatterjee, B. K. Chakrabarti, New Economic…
This essay considers the special character of mathematical reasoning, and draws on observations from interactive theorem proving and the history of mathematics to clarify the nature of formal and informal mathematical language. It proposes…