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Economics need a scientific revolution

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  • Jean-Philippe Bouchaud

    (CFM)

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    Abstract

    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, albeit non rigorous, arguments.

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    File URL: http://arxiv.org/pdf/0810.5306
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number 0810.5306.

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    Date of creation: Oct 2008
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    Publication status: Published in Nature, vol 455, p. 1181 (2008)
    Handle: RePEc:arx:papers:0810.5306

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    Web page: http://arxiv.org/

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    Cited by:
    1. Boris Salazar, 2013. "¿Crisis después de la crisis? La macroeconomía financiera después de la crisis global," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 15(28), pages 127-158, January-J.
    2. Destefano, Natália & Martinez, Alexandre Souto, 2011. "The additive property of the inconsistency degree in intertemporal decision making through the generalization of psychophysical laws," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(10), pages 1763-1772.
    3. Chami Figueira, F. & Moura, N.J. & Ribeiro, M.B., 2011. "The Gompertz–Pareto income distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(4), pages 689-698.
    4. Neuberger, Doris & Rissi, Roger, 2012. "Macroprudential banking regulation: Does one size fit all?," Thuenen-Series of Applied Economic Theory 124, University of Rostock, Institute of Economics.
    5. Aleksejus Kononovicius & Valentas Daniunas, 2013. "Agent-based and macroscopic modeling of the complex socio-economic systems," Papers 1303.3693, arXiv.org, revised Apr 2013.
    6. Da Silva, Sergio, 2013. "Time to abandon group thinking in economics," MPRA Paper 45660, University Library of Munich, Germany.
    7. Al-Suwailem, Sami, 2014. "Complexity and endogenous instability," Research in International Business and Finance, Elsevier, vol. 30(C), pages 393-410.

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