Related papers: Econophysics deserves a revamping
Physical analogs have shown considerable promise for understanding the behavior of complex adaptive systems, including macroeconomics, biological systems, social networks, and electric power markets. Many of today's most challenging…
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…
Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics offers models of markets as complex systems, that try to comprehend macro-, system-wide states of the economy from the…
Increasing numbers of physicists engage in research activities that address biological questions from physics perspectives or strive to develop physics insights from active biological processes. The on-going development and success of such…
In order to apply thermodynamics to systems in which entropy is not extensive, it has become customary to define generalized entropies. While this approach has been effective, it is not the only possible approach. We suggest that some…
Economies and societal structures in general are complex stochastic systems which may not lend themselves well to algebraic analysis. An addition of subjective value criteria to the mechanics of interacting agents will further complicate…
This work builds on a rich discourse surrounding the social brain hypothesis as well as the definition and quantification of social complexity. We believe this manuscript provides a new perspective on the topic by pairing a conceptual…
In the last years new interdisciplinary approaches to economics and social science have been developed. A Thermodynamic approach to socio-economics has brought to a new interdisciplinary scientific field called econophysics. Why…
Recent studies have found evidence of a negative association between economic complexity and inequality at the country level. Moreover, evidence suggests that sophisticated economies tend to outsource products that are less desirable (e.g.…
How should we interpret physical theories, and especially quantum theory, if we drop the assumption that we should treat it as an exact description of the whole Universe? I expound and develop the claim that physics is about the study of…
This paper is an original attempt to understand the foundations of economic reasoning. It endeavors to rigorously define the relationship between subjective interpretations and objective valuations of such interpretations in the context of…
This chapter serves as an introduction to systems engineering focused on the broad issues surrounding realizing complex integrated systems. What is a system? We pose a number of possible definitions and perspectives, but leave open the…
In the same way as the Hilbert Program was a response to the foundational crisis of mathematics, this article tries to formulate a research program for the socio-economic sciences. The aim of this contribution is to stimulate research in…
A (closed) dynamical system is a notion of how things can be, together with a notion of how they may change given how they are. The idea and mathematics of closed dynamical systems has proven incredibly useful in those sciences that can…
System dynamics is a methodology that is widely used in many academic fields. It explains the behavior of social and economic systems with models that capture complex causality and feedback effects. This 'practice paper' discusses the…
The classical notions of structural controllability and structural observability are receiving increasing attention in Network Science, since they provide a mathematical basis to answer how the network structure of a dynamic system affects…
Herein we consider various concepts of entropy as measures of the complexity of phenomena and in so doing encounter a fundamental problem in physics that affects how we understand the nature of reality. In essence the difficulty has to do…
Ecosystems are commonly conceptualized as networks of interacting species. However, partitioning natural diversity of organisms into discrete units is notoriously problematic, and mounting experimental evidence raises the intriguing…
Economic Complexity (EC) methods have gained increasing popularity across fields and disciplines. In particular, the EC toolbox has proved particularly promising in the study of complex and interrelated phenomena, such as the transition…
In this essay, I attempt to provide supporting evidence as well as some balance for the thesis on `Transforming socio-economics with a new epistemology' presented by Hollingworth and Mueller (2008). First, I review a personal highlight of…