Interdisciplinarity in Socio-economics, mathematical analysis and predictability of complex systems

D. Sornette
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D. Sornette: ETH Zurich

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Abstract: In this essay, I attempt to provide supporting evidence as well as some balance for the thesis on `Transforming socio-economics with a new epistemology' presented by Hollingworth and Mueller (2008). First, I review a personal highlight of my own scientific path that illustrates the power of interdisciplinarity as well as unity of the mathematical description of natural and social processes. I also argue against the claim that complex systems are in general `not susceptible to mathematical analysis, but must be understood by letting them evolve over time or with simulation analysis'. Moreover, I present evidence of the limits of the claim that scientists working within Science II do not make predictions about the future because it is too complex. I stress the potentials for a third `Quantum Science' and its associated conceptual and philosophical revolutions, and finally point out some limits of the `new' theory of networks.

Date: 2008-07
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Published in Sociological Economic Review 6, 27-38 (2008)

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:0807.3814

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