A Different Viewpoint for the Better Understanding of Turbulent Economic Systems: An Invitation to Physicists

Abstract

As global socioeconomic systems are getting more complex, their dynamics is also getting more turbulent nowadays. Traditional economics and finance have tried to understand and control them as quasi-equilibrium systems exposed to external shocks or perturbations. However, various local and global crises of last decades have posed the limitations of such approaches. The viewpoint of physicists dealing with abrupt changes, such as turbulence, critical phenomena and self-organization, has become very valuable for better understanding. Huge opportunities are open to physicists with fresh insights in many business fields confronting with such challengeable real-world problems.