Economics is quantum

BOOK REVIEW

The Money Formula: Dodgy Finance, Pseudo-Science, and How Mathematicians Took Over the Markets, Author: David Orrell.
Quantum Mind and Social Science, Author: Alexander Wendt.
Laws of Media: The New Science, Author: Marshall McLuhan.

Money and brains are both quantum phenomena – so it’s not surprising that economics is overdue for a quantum revolution
By David Orrell – In recent years there have been many calls for economics to reinvent itself, most noticeably from student groups such as the Post-Crash Economics Society, and Rethinking Economics. In 2017, the United Kingdom’s Economic and Social Research Council announced that it was setting up a network of experts from outside economics whose task it would be to ‘revolutionize’ the field. And there have been countless books on the topic, including my own Economyths (2010), which called for just such an intervention by non-economists.

But progress has been slow.

One problem is that, while there have been many demands for a revolution, the exact nature of the revolution is less clear. Critics agree that the foundations of economics are rotten, but there are different views on what should be built in its place.

But what if the problems with economics run even deeper?

What if the traditional approach has hit a wall, and the field needs to be completely reinvented?

What if, as with 19th-century physics, the problem comes down to ontology – our entire way of thinking and talking about the economy? more>

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