Physics Laws of Social Science

10 Pages Posted: 12 Nov 2014

Date Written: June 21, 2013

Abstract

Economics, and other fields of social science are often criticized as unscientific for their apparent failures to formulate universal laws governing human societies. Whether economics is truly a science is one of the oldest questions. This paper attempts to create such universal laws, and asserts that economics is a branch of quantum physics just like chemistry. Choice is a central concept in economics and other fields of social science, yet there is no corresponding concept of choice in modern physics. This article suggests that by introducing the concept of choice to the existing framework of physics, one can formulate five new physics laws, which establishes a common physics foundation for all fields of social and natural science. Applications in economics, biology, history, and finance prove that these new laws remove the invisible wall, which has been artificially separating social science from natural science. One implication of this article is that to establish a sound scientific foundation for social science requires not only advances in psychology and neurobiology but also a new interpretation of quantum mechanics.

Keywords: choice, indeterminacy, predicting the future, information, uncertainty, equilibrium, physics laws of social science

JEL Classification: A12, D5, D8

Suggested Citation

Wayne, James, Physics Laws of Social Science (June 21, 2013). Available at SSRN: https://ssrn.com/abstract=2522501 or http://dx.doi.org/10.2139/ssrn.2522501

James Wayne (Contact Author)

Kean University ( email )

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