Related papers: Does economics need a scientific revolution?
This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics Be a Physical Science?" The first part of the paper traces the personal path of the author…
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…
The paper argues that attracting more economists and adopting a more-precise definition of dynamic complexity might help econophysics acquire more attention in the economics community and bring new lymph to economic research. It may be…
Meta-analysis employs statistical techniques to synthesize the results of individual studies, providing an estimate of the overall effect size for a specific outcome of interest. The direction and magnitude of this estimate, along with its…
Macroeconomics essentially discusses macroeconomic phenomena from the perspectives of various schools of economic thought, each of which takes different views on how macroeconomic agents make decisions and how the corresponding markets…
There is no mysterious link between mathematics and physics, because both of them are human inventions designed to study the world.
Utilisation of the material and energy resources of the Solar System will be essential for the development of a sustainable space economy and associated infrastructure. Science will be a major beneficiary of a space economy, even if its…
There are various approaches to the problem of how one is supposed to conduct a statistical analysis. Different analyses can lead to contradictory conclusions in some problems so this is not a satisfactory state of affairs. It seems that…
Modern science is relying on software more than ever. The behavior and outcomes of this software shape the scientific and public discourse on important topics like climate change, economic growth, or the spread of infections. Most…
We consider the thermodynamic approach to the description of economic systems and processes. The first and second laws of thermodynamics as applied to economic systems are derived and analyzed. It is shown that there is a deep analogy…
The state of economic theory and accumulated facts from the different branches of the economic science require to analyze the concept of the description of economy systems. The economic reality generates the problems the solution of that is…
The contradiction between physical and economical sciences concerning the growth of the production/consumption mechanism is analyzed. It is then shown that if one wishes to keep the security level stable or to enhance it in a growing…
A statistical generalization is made of microeconomics in the spirit of going from classical to statistical mechanics. The price and quantity of every commodity1 traded in the market, at each instant of time, is considered to be an…
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…
Despite the extraordinary successes the two great bastions of $20^{th}$ century science (Quantum Theory and General Relativity) are troubled with serious conceptual and mathematical difficulties. As a result, further growth of fundamental…
Whereas the research program of the measurement of scientific communications emerged in a context where the delineations among academia, government, and industry were institutionalized, the systemic development of these relations during the…
The seriousness of the current crisis urgently demands new economic thinking that breaks the austerity vs. deficit spending circle in economic policy. The core tenet of the paper is that the most important problems that natural and social…
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…
Socio-economic inequalities are manifested in different aspects of our social life. We discuss various aspects, beginning with the evolutionary and historical origins, and discussing the major issues from the social and economic point of…
The world is changing fast, and so is the space sector. Planning for large scientific experiments two decades ahead may no longer be the most sensible approach. I develop the argument that large science experiments are becoming comparable…