Theoretical physics to the economic rescue?

Can Physics Save Economics?
[Via Big Think]

When the theoretical physicist Lee Smolinwas asked to join a research group to work on economics his first response was “I don’t know anything about economics.” That’s okay, said Mike Brown, the former CFO of Microsoft, “because nobody does and the whole system is about to collapse.” 

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The video is kind of fun. 

3 thoughts on “Theoretical physics to the economic rescue?

  1. This proves economists are wrong and not scientists. I don’t see how it proves physics saves the economy from Krugman.

    1. May not be a real science yet but people like Krugman are making attempts to require much more data-driven approaches than simply a guess. As the article and video show, many of the hypotheses posited by economists are taken as gospel with little empirical basis (i.e. a free market is at equilibrium when it is not).

      More physics less politics.

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