Saturday, June 6, 2009

Science reinvents the economy

clipped from trendsupdates.com

Some suggestions by science to cure the ills of economy (and predict another disaster)

science and economy

Scientists believe that there are some economic solutions that can be sourced from physicists, engineers, biologists, ecologists, and others. Since economy has of late proven to be vulnerable, even disastrous, when left alone to the arbitrary whims of unpredictable markets, scientists suggest that there are ways and means from the fields of science that can be used to tame the possibilities of other impending economic disasters.

New Scientist
FIXING ECONOMICS

Science reinvents the economy: Bubble math

Customers borrowed more and more against the value of their homes, often ignoring the possibility that the market could fall (Image: Mark Weber / Getty)

Science reinvents the economy: The human factor

Purely mathematical approaches to understanding the economy do not take into account the irrational behaviours and attitudes of human, especially those who are directly involved and profiting from the system (Image: Sipa Press / Rex Features)

Science reinvents the economy: Network solutions

The artificial over- and then under-inflation of prices that occurs in a

Science reinvents the economy: Predicting the big one

Theories of finance can be improved by an understanding that sudden fluctuations can be compared to phenomenon like earthquakes, and should be considered

Can science reinvent the economy 5: An economy in a computer

Can we pack an entire economy, with all its complex human and political interactions, into a computer? (Image: Sipa Press / Rex Features)

Can science reinvent the economy 6: Out of kilter

Seismology study techniques could provide tools for studying complex economic systems (Image: Sam Yeh / AFP / Getty Images)

Can science reinvent the economy 7: Will it be enough?

Even if science could provide better predictions of the financial system, change can only be implemented through well-run policies (Image: CNP / Rex Features)

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