Related papers: Economics: The next physical science?
We discuss the nature of structure and organization, and the process of making new Things. Hyperstructures are introduced as binding and organizing principles, and we show how they can transfer from one situation to another. A guiding…
In economics, construction of perfect models in a way that would be comparable to the standards customary in physical sciences is generally not feasible. In particular, the observed value for an economic equilibrium may deviate…
In this paper, we briefly discuss a mathematical concept that can be used in economics.
The standard model of fundamental interactions is remarkably successful, but it leaves an unfinished agenda. Several major questions seem ripe for exploration in the near future. I anticipate that the coming decade will be a Golden Age of…
I argue that the current financial crisis highlights the crucial need of a change of mindset in economics and financial engineering, that should move away from dogmatic axioms and focus more on data, orders of magnitudes, and plausible,…
A theoretical self-sustainable economic model is established based on the fundamental factors of production, consumption, reservation and reinvestment, where currency is set as a unconditional credit symbol serving as transaction equivalent…
Social physics is an active and diverse field in which many scientists with formal training in physics study a broad class of complex social phenomena. Social physics investigates societal problems but most often does not count on the…
Automation is not a new phenomenon, and questions about its effects have long followed its advances. More than a half-century ago, US President Lyndon B. Johnson established a national commission to examine the impact of technology on the…
Within the continuous endeavour of improving the efficiency and resilience of air transport, the trend of using concepts and metrics from statistical physics has recently gained momentum. This scientific discipline, which integrates…
Some personal reflections on the past and future of "econophysics", to appear in Europhysics News
Processes of mass communications in complicated social or sociobiological systems such as marketing, economics, politics, animal populations, etc. as a subject for the special scientific discipline - "mediaphysics" - are considered in its…
Productions functions map the inputs of a firm or a productive system onto its outputs. This article expounds generalizations of the production function that include state variables, organizational structures and increasing returns to…
Expanding upon recent work, a new class of $A$-functions is introduced that can be viewed as an appropriate generalization of the class of regular $A$-functions, the class of structured $A$-functions, and the class of perfect $A$-functions.…
The representations of the world around in physics built with help of causality are analyzed and seems incomplete. The observer's causal representations form a closed logical system, i.e. the compact group related to cause-effect chains.…
Fractional dynamics is a field of study in physics and mechanics investigating the behavior of objects and systems that are characterized by power-law non-locality, power-law long-term memory or fractal properties by using integrations and…
I briefly summarize the prospects for extending our understanding of physics beyond the standard model within the next five years.
In this review article we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions…
The fluctuations in nonequilibrium systems are under intense theoretical and experimental investigation. Topical ``fluctuation relations'' describe symmetries of the statistical properties of certain observables, in a variety of models and…
Oscillations are observed in all branches of science and culture, ranging from the behavior of ele-mentary particles, atoms, molecules in simple chemical or physical systems or even in complex organisms, up to oscillations of the behavior…
This paper presents a conceptual model describing the medium and long-term co-evolution of natural and socio-economic subsystems of Earth. An economy is viewed as an out-of-equilibrium dissipative structure that can only be maintained with…