The Future of Everything

December 4, 2018

Quantum economics – new paper

Filed under: Economics, Uncategorized — Tags: — David @ 4:54 pm

Abstract: A decade after the financial crisis, there is a growing consensus that the neoclassical approach to economics has failed, and that new approaches are needed. This paper argues that economics has been trying to solve the wrong problem. Economics sees itself as the science of scarcity, but instead it should be the science of money. Just as physicists’ ideas about quantum matter were formed by studying the exchange of particles at the subatomic level, so economics should begin by analysing the properties of money-based transactions, which like quantum entities have a fundamentally dualistic nature. By building on ideas from quantum money, quantum finance and quantum social science, this paper shows that the economy is an archetypal example of a quantum social system, complete with its own versions of measurement uncertainty, entanglement, and so on. This leads to a proposal for a quantum economics, which is to neoclassical economics what quantum physics is to classical physics.

Read the full Quantum Economics paper in Economic Thought, Vol 7, No 2, 2018

 

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July 5, 2018

Quantum Economics: The New Science of Money – out now in UK!

Filed under: Books, Economics — Tags: — David @ 12:48 pm

A decade after the financial crisis, there is a growing consensus that economics has failed and needs to go back to the drawing board. Quantum Economics argues that it has been trying to solve the wrong problem all along.

Economics sees itself as the science of scarcity. Instead, it should be the science of money (which plays a surprisingly small role in mainstream theory). And money is a substance that turns out to have a quantum nature of its own.

Just as physicists learn about matter by studying the exchange of particles at the subatomic level, so economics should begin by analysing the nature of money-based transactions. This book therefore starts with the meaning of the phrase ‘how much’ – or, to use the Latin word, quantum.

From quantum physics to the dualistic properties of money, via the emerging areas of quantum finance and quantum cognition, Quantum Economics reveals that quantum economics is to neoclassical economics what quantum physics is to classical physics – a genuine turning point in our understanding.

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