Τρίτη, 25 Οκτωβρίου 2011

Hypercomputation and Economics

I have been thinking for many years why economists usually fail to make any reliable predictions. And when one does make some reliable predictions, then she is considered phenomenal! But if economics is to be considered a science, then it should be able to make reliable predictions, otherwise it is completely worthless. First of all economics is a social science. Thus, in order  to make trustworthy predictions, one must ensure that an economic system is computable and, why not, deterministic. Economics systems consist of agents (ordinary people) that interact and create the world we see around us. But how can be so sure that the behavior of these agents is computable? In fact we are not and, furthermore, we shouldn't! One of the basic ideas of hypercomputation is that the human mind, ergo our agents, has capabilities computational, hypercomputational, and paracomputational (i.e., abilities that lie outside computation as we presently know it). In different words, economics is bound to fail unless economic theoreticians will not adopt a different way of thinking.

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