Related papers: Does economics need a scientific revolution?
In abstract terms, ecosystem ecology is about determining when two ecosystems, superficially different, are alike in some deeper way. An external observer can choose any ecosystem property as being important. In contrast, two ecosystems are…
This paper provides a rigorous and gap-free proof of the index theorem used in the theory of regular economy. In the index theorem that is the subject of this paper, the assumptions for the excess demand function are only several usual…
An axiomatic approach to macroeconomics based on the mathematical structure of thermodynamics is presented. It deduces relations between aggregate properties of an economy, concerning quantities and flows of goods and money, prices and the…
Despite all our great advances in science, technology and financial innovations, many societies today are struggling with a financial, economic and public spending crisis, over-regulation, and mass unemployment, as well as lack of…
Like it or not, attempts to evaluate and monitor the quality of academic research have become increasingly prevalent worldwide. Performance reviews range from at the level of individuals, through research groups and departments, to entire…
In complex systems, many different parts interact in non-obvious ways. Traditional research focuses on a few or a single aspect of the problem so as to analyze it with the tools available. To get a better insight of phenomena that emerge…
A major question in philosophy of science involves the unreasonable effectiveness of mathematics in physics. Why should mathematics, created or discovered, with nothing empirical in mind be so perfectly suited to describe the laws of the…
The intrinsic difficulties in building realistic climate models and in providing complete, reliable and meaningful observational datasets, and the conceptual impossibility of testing theories against data imply that the usual Galilean…
The application of principles of thermodynamics and statistical mechanics to economic systems is considered in a broad historical perspective, extending from prehistoric times to the present day. The hypothesis of maximum entropy production…
In a series of papers, Ole Peters and his collaborators claim that the 'conceptual basis of mainstream economic theory' is 'flawed' and that the approach they call 'ergodicity economics' gives 'reason to hope for a future economic science…
This paper discusses dynamic evolutionary economics, and introduces a model of such.
Nowadays it is inevitable to use intelligent systems to improve the performance and optimization of different components of devices or factories. Furthermore, it's so essential to have appropriate predictions to make better decisions in…
In this feasibility study, the impact of academic research from social sciences and humanities on technological innovation is explored through a study of citations patterns of journal articles in patents. Specifically we focus on citations…
Mathematical models connect theory with the real world through data, enabling us to interpret, understand, and predict complex phenomena. However, scientific knowledge often extends beyond what can be empirically measured, offering valuable…
This is a review about financial dependencies which merges efforts in econophysics and financial economics during the last few years. We focus on the most relevant contributions to the analysis of asset markets' dependencies, especially…
Purpose: to provide a view and analysis of the immediate field of journals which surround a number of key heterodox economics journals. Design/methodology/approach: Using citation data from the Science and Social Science Citation Index, the…
Many economic theory models incorporate finiteness assumptions that, while introduced for simplicity, play a real role in the analysis. We provide a principled framework for scaling results from such models by removing these finiteness…
We study a class of heterogeneous agent-based models which are based on a basic set of principles, and the most fundamental operations of an economic system: trade and product transformations. A basic guiding principle is scale invariance,…
Typical arguments against scientific misconduct generally fail to support current policies on research fraud: they may not prove wrong what is usually considered research misconduct and they tend to make wrong things that are not normally…
More than hundred years ago the 'classic physics' was it in its full power, with just a few unexplained phenomena; which however led to a revolution and the development of the 'modern physics'. Today the computing is in a similar position:…