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Interdisciplinarity in Socio-economics, mathematical analysis and predictability of complex systems

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  • D. Sornette

    (ETH Zurich)

Abstract

In this essay, I attempt to provide supporting evidence as well as some balance for the thesis on `Transforming socio-economics with a new epistemology' presented by Hollingworth and Mueller (2008). First, I review a personal highlight of my own scientific path that illustrates the power of interdisciplinarity as well as unity of the mathematical description of natural and social processes. I also argue against the claim that complex systems are in general `not susceptible to mathematical analysis, but must be understood by letting them evolve over time or with simulation analysis'. Moreover, I present evidence of the limits of the claim that scientists working within Science II do not make predictions about the future because it is too complex. I stress the potentials for a third `Quantum Science' and its associated conceptual and philosophical revolutions, and finally point out some limits of the `new' theory of networks.

Suggested Citation

  • D. Sornette, 2008. "Interdisciplinarity in Socio-economics, mathematical analysis and predictability of complex systems," Papers 0807.3814, arXiv.org.
    • Handle: RePEc:arx:papers:0807.3814
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    Cited by:

    1. Potirakis, Stelios M. & Zitis, Pavlos I. & Eftaxias, Konstantinos, 2013. "Dynamical analogy between economical crisis and earthquake dynamics within the nonextensive statistical mechanics framework," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(13), pages 2940-2954.
    2. Zhong, Li-Xin & Xu, Wen-Juan & Chen, Rong-Da & He, Yun-Xin & Qiu, Tian & Ren, Fei & Shi, Yong-Dong & Zhong, Chen-Yang, 2020. "Multiple learning mechanisms promote cooperation in public goods games with project selection," Chaos, Solitons & Fractals, Elsevier, vol. 133(C).
    3. James B. Glattfelder & Thomas Bisig & Richard B. Olsen, 2014. "R&D Strategy Document," Papers 1405.6027, arXiv.org.
    4. Fry, John, 2012. "Exogenous and endogenous crashes as phase transitions in complex financial systems," MPRA Paper 36202, University Library of Munich, Germany.

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