Economics need a scientific revolution

Details Economics need a scientific revolution Economics need a scientific revolution

2008-10-29

arxiv.org/abs/0810.5306v1

Nature, vol 455, p. 1181 (2008)

Economy

Quantitative Finance

General Finance

An edited version of this essay appeared in Nature

Scientific paper

10.1038/4551181a

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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