Economics and Physics
Sunday, October 25th, 2009
Nathaniel Gronewald reports on a somewhat esoteric controversy : The financial crisis and subsequent global recession have led to much soul-searching among economists, the vast majority of whom never saw it coming. But were their assumptions and models wrong only because of minor errors or because today’s dominant economic thinking violates the laws of physics ? A small but growing group of academics believe the latter is true, and they are out to prove it. These thinkers say that the ne