Fundamental and Real-World Challenges in Economics

Science and Culture, Vol. 76, Nos. 9-10, September-October 2010

18 Pages Posted: 6 Jan 2011

See all articles by Dirk Helbing

Dirk Helbing

ETH Zürich - Department of Humanities, Social and Political Sciences (GESS)

Stefano Balietti

Northeastern University - Network Science Institute; Harvard University - Institute for Quantitative Social Sciences; Northeastern University - Management Information Systems Area

Date Written: December 20, 2010

Abstract

In the same way as the Hilbert Program was a response to the foundational crisis of mathematics, this article tries to formulate a research program for the socio-economic sciences. The aim of this contribution is to stimulate research in order to close serious knowledge gaps in mainstream economics that the recent financial and economic crisis has revealed. By identifying weak points of conventional approaches in economics, we identify the scientific problems which need to be addressed. We expect that solving these questions will bring scientists in a position to give better decision support and policy advice. We also indicate, what kinds of insights can be contributed by scientists from other research fields such as physics, biology, computer and social science. In order to make a quick progress and gain a systemic understanding of the whole interconnected socio-economic-environmental system, using the data, information and computer systems available today and in the near future, we suggest a multi-disciplinary collaboration as most promising research approach.

Keywords: Econophysics, Hilbert Program, Economics

Suggested Citation

Helbing, Dirk and Balietti, Stefano, Fundamental and Real-World Challenges in Economics (December 20, 2010). Science and Culture, Vol. 76, Nos. 9-10, September-October 2010 . Available at SSRN: https://ssrn.com/abstract=1680262 or http://dx.doi.org/10.2139/ssrn.1680262

Dirk Helbing (Contact Author)

ETH Zürich - Department of Humanities, Social and Political Sciences (GESS) ( email )

ETH Zurich - Swiss Federal Institute of Technology
Clausiusstrasse 50
Zurich, 8092
Switzerland

HOME PAGE: http://www.coss.ethz.ch

Stefano Balietti

Northeastern University - Network Science Institute ( email )

177 Huntington Avenue
Boston, MA MA 02115
United States

Harvard University - Institute for Quantitative Social Sciences ( email )

1737 Cambridge St
Cambridge, MA 02115
United States

Northeastern University - Management Information Systems Area ( email )

Boston, MA 02115
United States

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