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It has been a while since we last discussed then latest developments in econophysics, the field trying to blend the methods of Physics (and sometimes its lessons) into Economics. The most mysterious and often counter-intuitive field of Physics is Quantum Physics. The same could be say of Monetary Economics within Economics. So why not study the Quantum Physics of Money?
Stephen Ternyik does this for us, and the result is expectedly disturbing and unintelligible. I spent more time than I should on trying to understand the abstract, and the paper itself was not too helpful. SO here is the abstract, and maybe a reader can translate this into something that makes sense to me:
Stephen Ternyik does this for us, and the result is expectedly disturbing and unintelligible. I spent more time than I should on trying to understand the abstract, and the paper itself was not too helpful. SO here is the abstract, and maybe a reader can translate this into something that makes sense to me:
The marginal minimization of the reserve requirement on demand deposits is the single cyclical cause behind the long-term crises of the monetary production economies and progressively decreases the time value of money on economic productivity. The total economic cost of this monetary and banking system (fiat credit a priori via private commercial banks; fiat money a posteriori via public monetary police) is the loss of dynamic efficiency in the space-time production structure, i.e. the quantitative increase of entropic volatility in the
monetary production economy equals the quantitative increase of the fiat credit quantum (mechanically and thermodynamically). A radical maximization of the reserve requirement on demand deposits is the basic economic remedy for the temporal monetary stabilization of the space-time production structure, according to the natural/physical laws of human economic productivity.
10 comments:
Quantum physics thrives on obfuscation. No different here.
There is another paper by this author on the topic, just as refreshing as the first: The Monetary Quantum
Bashing econophysics is of course fun, but this is not econophysics, it's clearly work of a crackpot - no academic affiliation, bad typesetting, grandiose claims without any model or data, piles of technical terms that make no sense, etc. What's the point of drawing attention to garbage like this?
Hahahahahaha! That is hilarious.
Oh, yes. This is one of those people who can solve all the world's problem just with the right money (policy). Yeah sure.
Is there any serious research being done in Econophysics? The one presented here is pretty discouraging.
Is this a joke?
I'm a graduated student who study theoretically physics. I'm interesting to expand my knowledge border and find econophyscics as well as your blog. So basically you economists see this one as a garbage? I don't know if this article is good or not, but if you tell me more about economy concept, I hope I can help you understand physics concept. Also, maybe first econophysics models are not good to explain economic trends, would we wait to see how much helpful it is?
The problem of money-pulation and money-polution is a core problem of modern human economic action. Quantum thought can help us to identify the single elements of economic complexity; of course, philosophy. psychology and physics make up the range of economic behavior which makes economics so difficult to research into. In any case, this quantum leap is crucial to develop econmics from a profession to a science. As a profession. it is mainly occupied with private wealth management and this is not enough to maintain a public economy.
Like ooker 777 explicates, new models need time and effort ! Quantum thought in economics can not do it alone, what about free choice economics? The physics of socio-economic systems is a basic analytic unit, there is still enough space for psychology and philosophy (with maths and/or linguistics ). Economics is about human action/choice and this is the raison d'etre of quantum economics, i.e. the research into economic quanta=single elements of eco-complexity.
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