EconoPhysics

Imagine storing all the computational information produced in the world in just one year: you would have a pile of DVDs able to reach the Moon and back. How about all the data collected since the beginning of the computer era? The quantity is so huge that traditional units of measurement cannot cope. For this reason a few years ago computer scientists started talking about “Big Data”, referring to the gathering, formatting, analysing and manipulating of a massive amount of digital information. ...

During the spectacular financial market crashes and the resulted recession, there has been renewed assault on the Efficient Market Hypothesis (EMH) and its theoretical basis—mainstream economics. George Soros announced Oct. 2009 that he will put 50 million dollars over ten years to establish an “Institute for New Economic Thinking”. ...