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This book will appeal to the lay-reader with an interest in the history of what is today termed ‘Econophysics’, looking at various works throughout the ages that have led to the emergence of this field. It begins with a discussion of the philosophers and scientists who have contributed to this discipline, before moving on to considering the contributions of different institutions, books, journals and conferences in nurturing the subject.
We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and many are poor! Investigations for more than hundred years and the recent availability of the income distribution data in the internet (made available by the finance ministries of various countries; from the tax return data of the income tax departments) have revealed some remarkable features. Irrespective of many differences in culture, history, language and, to some extent, the economic policies followed in different countries, the income distribution is seen to fol low a particular universal pattern. So does the wealth distribution. Barring an i...
Demonstrates how complexity theory and statistical mechanics help define the language groups and model the language dynamics.
Understanding the mechanism of a socio-economic system requires more than an understanding of the individuals that comprise the system. It also requires understanding how individuals interact with each other, and how the agg- gated outcome can be more than the sum of individual behaviors. This book contains the papers fostering the formation of an active multi-disciplinary community on socio-economic systems with the exciting new ?elds of age- based modeling and econophysics. We especially intend to increase the awareness of researchers in many ?elds with sharing the common view many economic and social activities as collectives of a large-scale heterogeneous and interacting agents. Economis...
A crisis is coming for everyone who uses math and science. For decades now, the classical model of probability (the indifference principle and the Gaussian distribution) has been breaking down and revealing its limitations in fields from economics to epidemiology. Now a new approach has revealed the underlying non-classical principle behind all these 'anomalous' laws: — Pareto’s law of elite incomes — Zipf’s law of word frequencies — Lotka’s law of scientific publications — Kleiber’s law of metabolic rates — the Clausewitz-Dupuy law of combat friction — Moore’s law of computing costs — the Wright-Henderson cost law — Weibull’s law of electronics failures — the F...
A rigorous theory of money, credit, and bankruptcy in the context of a mixed economy, uniting Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation. This book offers a rigorous study of control, guidance, and coordination problems of an enterprise economy, with attention to the roles of money and financial institutions. The approach is distinctive in drawing on game theory, methods of physics and experimental gaming, and, more generally, a broader evolutionary perspective from the biological and behavioral sciences. The proposed theory unites Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation utilizing strategic market game...
This book explains how standard micro-founded macroeconomics is misguided and proposes an alternative method based on statistical physics. The Great Recession following the bankruptcy of Lehman Brothers in September 2015 amply demonstrated that mainstream micro-founded macroeconomics was in trouble. The new approach advanced in this book reasonably explains important macro-problems such as employment, business cycles, growth, and inflation/deflation. The key concept is demand failures, which modern micro-founded macroeconomics has ignored. “It (Chapter 3) captures analytically a good part of the intuition that underlies the Keynesian economics of people like Tobin and me.” Robert Solow, ...
This book on Principal Component Analysis (PCA) extensively explores the core analyses and case studies within this field, incorporating the latest advancements. Each chapter delves into various disciplines like engineering, administration, economics, and technology, showcasing diverse applications and the utility of PCA. The book emphasizes the integration of PCA with other algorithms and methodologies, highlighting the enhancements achieved through combined approaches. Moreover, the book elucidates updated versions or iterations of PCA, detailing their descriptions and practical applications.
This book systematically provides a prospective integrated approach for complexity social science in its view of statistical physics and mathematics, with an impressive collection of the knowledge and expertise of leading researchers from all over the world. The book mainly covers both finitary methods of statistical equilibrium and data-driven analysis by econophysics. The late Professor Masanao Aoki of UCLA, who passed away at the end of July 2018, in his later years dedicated himself to the reconstruction of macroeconomics mainly in terms of statistical physics. Professor Aoki, who was already an IEEE fellow, was also named an Econometric Society Fellow in 1979. Until the early 1990s, how...
The Intelligent Decision Technologies (IDT) International Conference encourages an interchange of research on intelligent systems and intelligent technologies that enhance or improve decision making. The focus of IDT is interdisciplinary and includes research on all aspects of intelligent decision technologies, from fundamental development to real applications. IDT has the potential to expand their support of decision making in such areas as finance, accounting, marketing, healthcare, medical and diagnostic systems, military decisions, production and operation, networks, traffic management, crisis response, human-machine interfaces, financial and stock market monitoring and prediction, and r...