Related papers: Does economics need a scientific revolution?
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…
Accuracy of economic theories and efficiency of economic policy strictly depend on the choice of the economic variables and processes mostly liable for description of economic reality. That states the general problem of assessment of any…
This is a short commentary piece that discusses how the methods used in the natural sciences can apply to economics in general and financial markets specifically.
The enterprise of trying to explain different social and economic phenomena using concepts and ideas drawn from physics has a long history. Statistical mechanics, in particular, has been often seen as most likely to provide the means to…
The conventional economic approaches explore very little about the dynamics of the economic systems. Since such systems consist of a large number of agents interacting nonlinearly they exhibit the properties of a complex system. Therefore…
The methods of statistical physics of open systems are used for describing the time dependence of economic characteristics (income, profit, cost, supply, currency etc.) and their correlations with each other. Nonlinear equations (analogies…
This paper discusses serious drawbacks of existing knowledge in macroeconomics and finance in explaining and predicting economic and financial phenomena. Complexity science is proposed as an alternative approach to be used in order to…
This paper offers a step towards research infrastructure, which makes data from experimental economics efficiently usable for analysis of web data. We believe that regularities of human behavior found in experimental data also emerge in…
We consider demand-side economy. Using Caratheodory's approach, we define empirical existence of equation of state (EoS) and coordinates. We found new insights of thermodynamics EoS, the {\it effect structure}. Rules are proposed as…
Datacentric enthusiasm is growing strong across a variety of domains. Whilst data science asks unquestionably exciting scientific questions, we argue that its contributions should not be extrapolated from the scientific context in which…
All sciences need and many arts apply mathematics whereas mathematics seems to be independent of all of them, but only based upon logic. This conservative concept, however, needs to be revised because, contrary to Platonic idealism…
In this paper, we survey recent econometric contributions to measure the relationship between economic activity and climate change. Due to the critical relevance of these effects for the well-being of future generations, there is an…
Empirical evidence suggests that there is little to no correlation between the rate of inflation and the size of price change. Economists have hitherto taken this to mean that monetary shocks do not generate much deviation in relative…
Science is a fundamental human activity and we trust its results because it has several error-correcting mechanisms. Its is subject to experimental tests that are replicated by independent parts. Given the huge amount of information…
The economic structure of basic science is currently socialist, funded by the public at large through taxes for the benefit of the public at large. This socialist system should be augmented by a capitalist system, in which basic science is…
It is still common wisdom amongst economists, politicians and lay people that economic growth is a necessity of our social systems, at least to avoid distributional conflicts. This paper challenges such belief moving from a purely physical…
At the beginning, programming was inspired by the search of the best solutions. At that time some fundamental stones like famous languages and object oriented and structured programming were laid. It was found later that applications could…
Conventional economic analysis of stringent climate change mitigation policy generally concludes various levels of economic slowdown as a result of substantial spending on low carbon technology. Equilibrium economics however could not…
The green area of economy is the key of healthy living. It is necessary to convene economic and ecologic framework to establish a market attentive to drastic reduction of emissions damaging our climate and landscapes in rural areas, to the…
Science is essential to innovation and economic prosperity. Although studies have shown that national scientific development is affected by geographic, historic, and economic factors, it remains unclear whether there are universal…