Related papers: Economics: The next physical science?
This paper explores the evolving role of health economics within economic research and publishing over the past 30 years. Historically largely a niche field, health economics has become increasingly prominent, with the share of health…
Socio-cognitive action reproduces and changes both social and cognitive structures. The analytical distinction between these dimensions of structure provides us with richer models of scientific development. In this study, I assume that (i)…
At a time when humanity has achieved global dominance at a scale that was previously thought impossible, it might also face an existential threat due to the consequences of that overwhelming influence on our common home, the Earth System…
One of the themes that have been approached more and more within the specialised literature is being represented by economic cycles. The analysis of these is very useful in the long term predictions, in finding solutions for the economic…
Dynamics of systems of structured particles consisting of potentially interacting material points is considered in the framework of classical mechanics. Equations of interaction and motion of structured particles have been derived. The…
We introduce the simplest model which relates the emergence of collective social/economic phenomena to the existence of a (possibly self-organized) percolation transition. We suggest a series of extensions to financial, economic, political…
We consider fundamental physical constants which are among a few of the most important pieces of information we have learned about Nature after its intensive centuries-long studies. We discuss their multifunctional role in modern physics…
Emergence (macro-level effects from micro-level causes) is at the heart of the conflict between reductionism and functionalism. How can there be autonomous higher level laws of nature (the functionalist claim) if everything can be reduced…
The area of fractional calculus (FC) has been fast developing and is presently being applied in all scientific fields. Therefore, it is of key relevance to assess the present state of development and to foresee, if possible, the future…
Physics research complements traditional approaches, such as mathematical (stochastic) finance and econometrics in quantitative economics and finance. In the early years of this millennium, we embarked on an interdisciplinary research…
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…
Standard economic theory uses mathematics as its main means of understanding, and this brings clarity of reasoning and logical power. But there is a drawback: algebraic mathematics restricts economic modeling to what can be expressed only…
Classic economic science is reaching the limits of its explanatory powers. Complexity science uses an increasingly larger set of different methods to analyze physical, biological, cultural, social, and economic factors, providing a broader…
The field of neutrino physics is currently very exciting, with several recent results pointing to new physics. I will give an overview of the current experimental situation, focusing primarily on neutrino oscillation results. The data are…
Knowing and modelling the migration phenomena and especially the social and economic consequences have a theoretical and practical importance, being related to their consequences for development, economic progress (or as appropriate,…
In this study, we introduce a physical model inspired by statistical physics for predicting price volatility and expected returns by leveraging Level 3 order book data. By drawing parallels between orders in the limit order book and…
The current science of cities can provide a useful foundation for future urban policies, provided that these proposals have been validated by correct observations of the diversity of situations in the world. However, international…
Article about objective regularity and mechanisms of formation of network economy in the conditions of crisis of {\guillemotleft}new economy{\guillemotright}. The network economy is considered as a basis of a following business cycle. The…
Econophysics is a science in its infancy, born about ten years ago at this time of writing, at the crossing roads of physics, mathematics, computing and of course economics and finance. It also covers human sciences, because all economics…
Labor market institutions are central for modern economies, and their polices can directly affect unemployment rates and economic growth. At the individual level, unemployment often has a detrimental impact on people's well-being and…