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Move Over Economists; Time to Give Physicists a Turn
Let’s face it, economists make lousy economists. After decades in which consensus estimates routinely failed to foresee recessions and underestimated recoveries, the blindness of most economists to the looming financial crisis in 2006 and 2007 came as a big blow to the profession’s reputation. It’s perhaps no surprise, then, that a growing number of investors and policy advocates are turning to a renegade band of physicists for an alternative way to understand how economies and markets work. The “econophysicists,” as some call them, have been around for a couple of decades but with the aid of newly powerful ... (full story)