Related papers: Does economics need a scientific revolution?
The term of big data was used since 1990s, but it became very popular around 2012. A recent definition of this term says that big data are information assets characterized by high volume, velocity, variety and veracity that need special…
Engineering sciences, such as energy system research, play an important role in developing solutions to technical, environmental, economic, and social challenges of our modern society. In this context, the transformation of energy systems…
Natural resource use and waste production, disposal, and reuse in human economies are treated in their economic, technological and thermodynamic aspects. The physical nature of economic production, consumption, saving, and waste is compared…
Engineering needs mathematics, but the converse is also increasingly evident. Indeed, mathematics is still recovering from the drawbacks of several "reforms". Encouraging is the revived interest in proofs indicated by various recent…
We consider the relationship between economic activity and intervention, including monetary and fiscal policy, using a universal dynamic framework. Central bank policies are designed for growth without excess inflation. However,…
We develop a method to estimate producers' productivity beliefs when output quantities and input prices are unobservable, and we use it to evaluate the market for science. Our model of researchers' labor supply shows how their willingness…
The author of this letter to the editor would like to set forth the argument that scientometrics is currently in a phase in which a taxonomic change, and hence a revolution, is taking place. One of the key terms in scientometrics is…
The competitive advantages in a knowledge-based economy can no longer be attributed to single nodes in the network. Political economies are increasingly reshaped by knowledge-based developments that upset market equilibria and institutional…
Persistent economic competition is often justified as a mechanism of innovation, efficiency, and welfare maximization. Yet empirical evidence across disciplines reveals that competition systematically generates fragility, inequality, and…
Web emerged as an antidote to the rapidly increasing quantity of accumulated knowledge and become successful because it facilitates massive participation and communication with minimum costs. Today, its enormous impact, scale and dynamism…
Clearly, socio-economic freedom requires some extent of transparency regarding the implications of choices. In this paper, we review some established mechanisms for achieving such transparency, without any claim to completeness, and briefly…
Physics and economics are two disciplines that share the common challenge of linking microscopic and macroscopic behaviors. However, while physics is based on collective dynamics, economics is based on individual choices. This conceptual…
The birth and decline of disciplines are critical to science and society. However, no quantitative model to date allows us to validate competing theories of whether the emergence of scientific disciplines drives or follows the formation of…
Although classical economic theory is based on the concept of stable equilibrium, real economic systems appear to be always out of equilibrium. Indeed, they share many of the dynamical features of other complex systems, e.g., ecological…
In line with the recent research and debates about econophysics and financial economics, this article discusses on usual misunderstandings between the two disciplines in terms of modelling and basic hypotheses. In the literature devoted to…
People sometimes change their opinions when they discuss things with other people. Researchers can use mathematics to study opinion changes in simplifications of real-life situations. These simplified settings, which are examples of…
Most research questions in agricultural and applied economics are of a causal nature, i.e., how one or more variables (e.g., policies, prices, the weather) affect one or more other variables (e.g., income, crop yields, pollution). Only some…
This article provides a curated review of selected papers published in prominent economics journals that use machine learning (ML) tools for research and policy analysis. The review focuses on three key questions: (1) when ML is used in…
We discuss the relevance of studying ecology within the framework of Complexity Science from a statistical mechanics approach. Ecology is concerned with understanding how systems level properties emerge out of the multitude of interactions…
In this paper the possibility of computing equilibrium in pure exchange and production economies by a homotopy method is investigated. The performance of the algorithm is tested on examples with known equilibria taken from the literature on…