Economics needs a scientific revolution

By Jean-Philippe Bouchaud. Nature, 2008

272 citations recorded by the source corpus.

I argue that the current financial crisis highlights the crucial need of a change of mindset in economics and financial engineering, that should move away from dogmatic axioms and focus more on data, orders of magnitudes, and plausible, albeit non rigorous, arguments.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/488a365b1576094a41d7fc73af68e7f2069477cf

Citations in the corpus

• Econophysics: Empirical facts and agent-based models (2009, unknown): “Many scientists have expressed their views on this subject (e.g. Bouchaud (2008); Lux and Westerhoff (2009); Farmer and Foley (2009)) and we believe as well that agent-based models we have presented here will be at the core of future modelling.”
• Econophysics review: II. Agent-based models (2011, unknown): “As advocated by many during the financial crisis of 2007–2008 (see, e.g., Bouchaud (2008), Farmer and Foley (2009) and Lux and Westerhoff (2009)), agent-based models should play a large role in future financial modeling.”