Video: Econophysics and Economic Complexity

What Is Econophysics (Via Wikipedia)

Econophysics is an interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Its application to the study of financial markets has also been termed statistical finance referring to its roots in statistical physics. Physicists’ interest in the social sciences is not new, Daniel Bernoulli, as an example, was the originator of utility-based preferences. One of the founders of neoclassical economic theory, former Yale University Professor of Economics Irving Fisher, was originally trained under the renowned Yale physicist, Josiah Willard Gibbs.[

Speaker Background (Via Wikipedia)

is a mathematical economist and Professor of Economics at James Madison University in Harrisonburg, Virginia since 1988. He is known for work in nonlinear economic dynamics (Rosser, 1991), including applications in economics of catastrophe theory (Rosser, 1983), chaos theory (1990), and complexity theory (Rosser, 1999, 2001, 2004) (complex dynamics). With Marina V. Rosser he invented the concept of the “new traditional economy” (Rosser and Rosser, 1996). He introduced into economic discourse the concepts of chaotic bubbles (Rosser, 1991, op. cit., p. 291), chaotic hysteresis (op. cit., p. 326), and econochemistry (Rosser, 2006, p. 232, footnote 8). He also invented the concepts of the megacorpstate (Rosser, 1981) and hypercyclic morphogenesis (Rosser, 1991, op. cit., p. 228). He was the first to provide a mathematical model of the period of financial distress in a speculative bubble (1991, op. cit., Chap. 5). With Marina V. Rosser and Ehsan Ahmed, he was the first to argue for a two-way positive link between income inequality (economic inequality) and the size of an underground economy in a nation (Rosser, Rosser, and Ahmed, 2000).

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About Miguel Barbosa

I run this site.

16. November 2009 by Miguel Barbosa
Categories: Complex Systems, Curated Readings | Leave a comment

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