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Physics Laws of Social Science

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  • Wayne, James J.

Abstract

Economics, and other fields of social science are often criticized as unscientific for their apparent failures to formulate universal laws governing human societies. Whether economics is truly a science is one of the oldest questions. This paper attempts to create such universal laws, and asserts that economics is a branch of quantum physics just like chemistry. Choice is a central concept in economics and other fields of social science, yet there is no corresponding concept of choice in modern physics. This article suggests that by introducing the concept of choice to the existing framework of physics, one can formulate five new physics laws, which establishes a common physics foundation for all fields of social and natural science. Applications in economics, biology, history, and finance prove that these new laws remove the invisible wall, which has been artificially separating social science from natural science. One implication of this article is that to establish a sound scientific foundation for social science requires not only advances in psychology and neurobiology but also a new interpretation of quantum mechanics.

Suggested Citation

  • Wayne, James J., 2013. "Physics Laws of Social Science," MPRA Paper 47811, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47811
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    File URL: https://mpra.ub.uni-muenchen.de/47811/1/MPRA_paper_47811.pdf
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    References listed on IDEAS

    as
    1. Daniel Kahneman, 2003. "A Psychological Perspective on Economics," American Economic Review, American Economic Association, vol. 93(2), pages 162-168, May.
    2. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
    Full references (including those not matched with items on IDEAS)

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Five universal laws for economics
      by Economic Logician in Economic Logic on 2013-08-27 19:17:00

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    Cited by:

    1. Wayne, James J., 2013. "Fundamental Equation of Economics," MPRA Paper 59574, University Library of Munich, Germany.
    2. Wayne, James J., 2014. "A Scientific Macroeconomic Model Derived from Fundamental Equation of Economics," MPRA Paper 59591, University Library of Munich, Germany.
    3. James J. Wayne, 2015. "Predicting Major Economic Events with Accuracy: A New Framework for Scientific Macroeconomic Models," American Journal of Economics and Sociology, Wiley Blackwell, vol. 74(2), pages 419-456, March.

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    More about this item

    Keywords

    choice; indeterminacy; predicting the future; information; uncertainty; equilibrium; physics laws of social science;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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