Related papers: Does economics need a scientific revolution?
Doing research is fighting, what any other thing the human being could do? Fight against powers or to get powers, that depends on us. Science can be a revolution or deadlocked idleness. Still waters, without hitting the stones along their…
We discuss the relevance of the recent Machine Learning (ML) literature for economics and econometrics. First we discuss the differences in goals, methods and settings between the ML literature and the traditional econometrics and…
A theoretical self-sustainable economic model is established based on the fundamental factors of production, consumption, reservation and reinvestment, where currency is set as a unconditional credit symbol serving as transaction equivalent…
Indirect evidence is crucial for successful statistical practice. Sometimes, however, it is better used informally. Future efforts should be directed toward understanding better the connection between statistical methods and scientific…
This paper evaluates the effect of a short, interactive popularisation talk on upper-secondary students' interest in Economics. This contrasts with previous research, which has primarily examined impersonal interventions to boost interest…
The gap in statistics between multi-variate and time-series analysis can be bridged by using entropy statistics and recent developments in multi-dimensional scaling. For explaining the evolution of the sciences as non-linear dynamics, the…
It is widely assumed that increases in economic productivity necessarily lead to economic growth. In this paper, it is shown that this is not always the case. An idealized model of an economy is presented in which a new technology allows…
Despite more than 50 years of human space exploration, no paper in the field of economics has been published regarding the theory of a space-based economy. The aim of this paper is to develop quantitative techniques to estimate conditions…
Innovation in the economy is an important engine of growth and no economy, whatever its complexity and degree of advancement, whether it is based on industry, agriculture, high tech or the providing of services, can be truly healthy without…
Research methods are essential parts in conducting any research project. Although they have been theorized and summarized based on best practices, every field of science requires an adaptation of the overall approaches to perform research…
There are both technical and social issues regarding the design of sustainable scientific software. Scientists want continuously evolving systems that capture the most recent knowledge while developers and architects want sufficiently…
We analyze the link between standardization and economic growth by systematically reviewing leading economics journals, leading economic growth researchers' articles, and economic growth-related books. We make the following observations: 1)…
Global climate change is one of main concern of modern society. To estimate this change usually one estimates the global mean temperature. Measuring and calculating the Earth's average temperature are multi-steps complex processes which…
We believe that economists have much to learn from educational research practices and related pedagogical innovations in other disciplines, in particular physics education. In this paper we identify three key features of physics education…
Market efficiency at least requires the absence of weak arbitrage opportunities, but this is not sufficient to establish a situation where the market is sensitive, i.e., where it "fully reflects" or "rapidly adjusts to" some information…
In this mini-review I look into the physics underlying the theory of electronic structure of atoms and molecules. Quantum mechanics is needed to understand the structure of the periodic table. Special relativity is indispensable for a…
Advancements in large language models (LLMs) have sparked a growing interest in measuring and understanding their behavior through experimental economics. However, there is still a lack of established guidelines for designing economic…
Econometrics and machine learning seem to have one common goal: to construct a predictive model, for a variable of interest, using explanatory variables (or features). However, these two fields developed in parallel, thus creating two…
A thermodynamic approach to the description of economic systems and processes is developed. It is shown that there is a deep analogy between the parameters of thermodynamic and economic systems (markets); so each thermodynamic parameter can…
Economic systems are similar with physic systems for their large number of individuals and the exist of equilibrium. In this paper, we present a model applying the equilibrium statistical model in economic systems. Consistent with…