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Economies are fundamentally complex and becoming more so, but the new discipline of data science-which combines programming, statistics, and domain knowledge-can help cut through that complexity, potentially with productivity benefits to…
A major challenge of interdisciplinary description of complex system behaviour is whether real systems of higher complexity levels can be understood with at least the same degree of objective, "scientific" rigour and universality as…
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…
A complex system is a system composed of many interacting parts, often called agents, which displays collective behavior that does not follow trivially from the behaviors of the individual parts. Examples include condensed matter systems,…
Complex systems are characterized by specific time-dependent interactions among their many constituents. As a consequence they often manifest rich, non-trivial and unexpected behavior. Examples arise both in the physical and non-physical…
One 'problem' with the 21st century world, particularly the economic and business worlds, is the phenomenal and increasing number of interconnections between economic agents (consumers, firms, banks, markets, national economies). This…
Mammalian brain is one of the most complex objects in the known universe, as it governs every aspect of animal's and human behavior. It is fair to say that we have a very limited knowledge of how the brain operates and functions.…
Recent work in cognitive neuroscience has focused on analyzing the brain as a network, rather than as a collection of independent regions. Prior studies taking this approach have found that individual differences in the degree of modularity…
We all are fascinated by the phenomena of intelligent behavior, as generated both by our own brains and by the brains of other animals. As physicists we would like to understand if there are some general principles that govern the structure…
Economic transformation -- change in what an economy produces -- is foundational to development and rising standards of living. Our understanding of this process has been propelled recently by two branches of work in the field of economic…
To learn how cognition is implemented in the brain, we must build computational models that can perform cognitive tasks, and test such models with brain and behavioral experiments. Cognitive science has developed computational models of…
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…
This article is a follow-up of a short essay that appeared in Nature 455, 1181 (2008) [arXiv:0810.5306]. It has become increasingly clear that the erratic dynamics of markets is mostly endogenous and not due to the rational processing of…
Technological advances have dramatically expanded our ability to probe multi-neuronal dynamics and connectivity in the brain. However, our ability to extract a simple conceptual understanding from complex data is increasingly hampered by…
What do societies, the Internet, and the human brain have in common? They are all examples of complex relational systems, whose emerging behaviours are largely determined by the non-trivial networks of interactions among their constituents,…
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…
In recent years economic complexity has grown into an active field of fundamental and applied research. Yet, despite important advances, the policy implications of economic complexity remain unclear or misunderstood. Here I organize the…
The standard assumptions that underlie many conceptual and quantitative frameworks do not hold for many complex physical, biological, and social systems. Complex systems science clarifies when and why such assumptions fail and provides…
Current theories suggest that adaptive decision-making necessitates the interaction between multiple decision-making systems. The computational definitions of different models of decision-making suggest interactions with task demands and…
This article addresses broad trends in interdisciplinary research in physics where interactions with colleagues in fields such as computer science, ecology, or economics can often be derailed by unintentional clashes of methodologies and…