Related papers: 'Ergodicity Economics' is Pseudoscience
The contradiction between physical and economical sciences concerning the growth of the production/consumption mechanism is analyzed. It is then shown that if one wishes to keep the security level stable or to enhance it in a growing…
The stochastic processes underlying the growth and stability of biological and psychological systems reveal themselves when far from equilibrium. Far from equilibrium, nonergodicity reigns. Nonergodicity implies that the average outcome for…
Disagreement is an essential element of science and life in general. The language of probabilities and statistics is often used to describe disagreements quantitatively. In practice, however, we want much more than that. We want…
The purpose of this paper is to provide a confession of sorts from an economist to political science and philosophy. A confession of the weaknesses of the political position of the economist. It is intended as a guide for political…
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…
By benefit of Pesin's method to prove ergodicity with respect to Lebesgue measure for ordinary dynamical systems, we conclude ergodicity (resp. term-ergodicity) for some action semigroups with respect to volume measure (resp. quasi…
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…
The American scientific community is reeling from funding cuts and policy directives that will debilitate scientific research and education. The underlying hostilities fueling these attacks have intensified in recent years as the COVID-19…
In this paper, we test predictions of a new theory of macroeconomics, called "thermal macroeconomics." The theory aims to apply the mathematical structure of classical thermodynamics, including analogues of temperature and entropy, to…
A new constructivist approach to modeling in economics and theory of consciousness is proposed. The state of elementary object is defined as a set of its measurable consumer properties. A proprietor's refusal or consent for the offered…
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…
This mathematical essay brings together ideas from Economics, Geobiodynamics and Thermodynamics. Its purpose is to obtain real models of complex evolutionary systems. More specifically, the essay defines Roegenian Economy and links…
Empirical science needs to be based on facts and claims that can be reproduced. This calls for replicating the studies that proclaim the claims, but practice in most fields still fails to implement this idea. When such studies emerged in…
We construct a model of an exchange economy in which agents trade assets contingent on an observable signal, the probability of which depends on public opinion. The agents in our model are replaced occasionally and each person updates…
The quantitative aspirations of economists and financial analysts have for many years been based on the belief that it should be possible to build models of economic systems - and financial markets in particular - that are as predictive as…
Brief overview of the `Pseudoscience' flavor of the `Physics in Films' project at the University of Central Florida.
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…
`All models are wrong but some are useful' (George Box 1979). But, how to find those useful ones starting from an imperfect model? How to make informed data-driven decisions equipped with an imperfect model? These fundamental questions…
Despite much scientific evidence, a large fraction of the American public doubts that greenhouse gases are causing global warming. We present a simulation model as a computational test-bed for climate prediction markets. Traders adapt their…
This essay, written by a statistician and a climate scientist, describes our view of the gap that exists between current practice in mainstream climate science, and the practical needs of policymakers charged with exploring possible…