Related papers: 'Ergodicity Economics' is Pseudoscience
Econophysics is a new area developed recently by the cooperation between economists, mathematicians and physicists. It's not a tool to predict future prices of stocks and exchange rates. It applies idea, method and models in Statistical…
The use of science for policy is at the core of a perfect storm generated by the insurgence of several concurrent crises: of science, of trust, of sustainability. The modern positivistic model of science for policy, known as evidence based…
Although financial models violate ergodicity in general, observing the ergodic behavior in the markets is not rare. Policymakers and market participants control the market behavior in critical and emergency states, which leads to some…
The conventional economic approaches explore very little about the dynamics of the economic systems. Since such systems consist of a large number of agents interacting nonlinearly they exhibit the properties of a complex system. Therefore…
Economics does not need a scientific revolution. Economics needs accurate measurements according to high standards of natural sciences and meticulous work on revealing empirical relationships between measured variables.
We extend the notion of rational ergodicity to $\beta$-rational ergodicity for $\beta > 1$. Given $\beta \in \mathbb R$ such that $\beta > 1$, we construct an uncountable family of rank-one infinite measure preserving transformations that…
We are in the middle of a complex debate as to whether Economics is really a proper natural science. The 'Discussion & Debate' issue of this Euro. Phys. J. Special Topic volume is: 'Can economics be a Physical Science?' I discuss some…
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…
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…
In a commentary published in mid-2024 (to which the present work is a direct response), a number of scientists argue that U.S. funding agencies have "politicized" the process by which grants are awarded, in service of diversifying the…
Even today, the concept of entropy is perceived by many as quite obscure. The main difficulty is analyzed as being fundamentally due to the subjectivity and anthropocentrism of the concept that prevent us to have a sufficient distance to…
In their position paper entitled "Towards a new, complexity science of learning and education", Jorg et al. (2007) argue that educational research is in crisis. In their opinion, the transdisciplinary and interdiscursive approach of…
Most people agree that human activities are consistent with physical laws. One may naturally think that sensible economic theories can be derived from physical laws and evolutionary principles. This is indeed the case. In this paper, we…
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach. We will argue that this replacement is due to a tacit…
The claimed unanimity of the scientific community about the human culpability for global warming is questioned. Up today there exists no scientific proof of human culpability. It is not the number of authors of a paper, which validates its…
Bad statistics make research papers unreproducible and misleading. For the most part, the reasons for such misusage of numerical data have been found and addressed years ago by experts and proper practical solutions have been presented…
Accuracy of economic theories and efficiency of economic policy strictly depend on the choice of the economic variables and processes mostly liable for description of economic reality. That states the general problem of assessment of any…
Fuzziness and randomicity widespread exist in natural science, engineering, technology and social science. The purpose of this paper is to present a new logic - uncertain propositional logic which can deal with both fuzziness by taking…
The paper present one of attempts to apply the thermodynamics laws to economics. Introducing common thermodynamic parameters and considering world economics as a one macrosystem, authors demonstrate the possible consequences of entropy…
We consider demand-side economy. Using Caratheodory's approach, we define empirical existence of equation of state (EoS) and coordinates. We found new insights of thermodynamics EoS, the {\it effect structure}. Rules are proposed as…