Econophysics is an interdisciplinary research field,
applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Its application to the study of financial markets has also been termed statistical finance referring to its roots in statistical physics. Physicists’ interest in the social sciences is not new; Daniel Bernoulli, as an example, was the originator of utility-based preferences.
WORDBUZZ: Econophysics. If economists can't predict economic crises and prevent their ensuing disruptions, maybe physicists can.
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FORECASTING
If economists can’t predict economic crises and prevent their ensuing disruptions, maybe physicists can. In 2005, Didier Sornette—a physicist, earthquake scientist, and financial expert at the Swiss Technical Institute in Zurich—accurately predicted the bursting of the U.S. real estate bubble three years later.
The emerging field of econophysics relies on the study of complex systems, which looks at feedback loops and cascading effects. Forecasts do not rely on averages, as mainstream economists do, and take into account irrational decision making, herding behavior, and other destabilizing influences.
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Mental-Health Benefits of Parks // The Well-Being Gap in America // Rise of Rwandan Women //
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WORDBUZZ: Econophysics. If economists can't predict economic crises ...
Order from World Future Society, www.wfs.org/wfsbooks.htm. ...
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Future Scope. Mental-Health Benefits of Parks.
The Well-Being Gap in America. Rise of Rwandan Women.
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WORDBUZZ:
Econophysics. If economists can't predict economic crises
... or futurism may be submitted to the managing editor at cwagner@
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