Universal laws and economic phenomena

Gerig, A

Universal laws and economic phenomena

Gerig, A

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Publisher:: Wiley
Publication Type:: Journal Article
Citation:: Complexity, 2011, 17 (1), pp. 9 - 12
Issue Date:: 2011-01

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Field	Value	Language
dc.contributor.author	Gerig, A	en_US
dc.date.issued	2011-01	en_US
dc.identifier.citation	Complexity, 2011, 17 (1), pp. 9 - 12	en_US
dc.identifier.issn	1099-0526	en_US
dc.identifier.uri	http://hdl.handle.net/10453/17933
dc.description.abstract	Despite the idiosyncratic behavior of individuals, empirical regularities exist in social and economic systems. These regularities often arise from simple underlying mechanisms which, analogous to the natural sciences, can be expressed as universal principles or laws. In this essay, I discuss the similarities between economic and natural phenomena and argue that it is advantageous for economists to adopt methods from the natural sciences to discover universal laws in economic systems.	en_US
dc.publisher	Wiley	en_US
dc.relation.ispartof	Complexity	en_US
dc.relation.isbasedon	10.1016/j.actaastro.2013.10.016	en_US
dc.subject.classification	Fluids & Plasmas	en_US
dc.title	Universal laws and economic phenomena	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	17	en_US
utslib.for	0102 Applied Mathematics	en_US
utslib.for	0103 Numerical and Computational Mathematics	en_US
utslib.for	0802 Computation Theory and Mathematics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.issue	1	en_US
pubs.volume	17	en_US

Abstract:

Despite the idiosyncratic behavior of individuals, empirical regularities exist in social and economic systems. These regularities often arise from simple underlying mechanisms which, analogous to the natural sciences, can be expressed as universal principles or laws. In this essay, I discuss the similarities between economic and natural phenomena and argue that it is advantageous for economists to adopt methods from the natural sciences to discover universal laws in economic systems.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/17933