Quantum Mechanics: The Key to Future Economic Models, Says Economist David Orrell
Summary:
Economist and author David Orrell advocates for the application of quantum physics models in economic simulations. In an interview with The Quantum Insider, Orrell compared classical economic models to binary maths, arguing they fail to encapsulate the full complexity of economic systems. To address this, Orrell suggests using quantum computing principles, highlighting entangled qubits as a way of introducing necessary uncertainty in economic models. Orrell, who has published multiple works on economics, including “Quantum Economics: The New Science of Money,” believes quantum mathematical models are essential for future economic analysis. To promote further study in this emerging field, he initiated a science journal named “Quantum Economics and Finance.
David Orrell, an Oxford University-trained mathematician and economist, believes the future of economics will be imbued with principles of quantum mechanics. The concept of quantum economics suggests that models utilized in the field of quantum physics have applications in economic simulations. In a recent interview with The Quantum Insider, Orrell stressed that the binary maths-based classical economic models, akin to the foundations of classical computers, fall short of wholly encompassing the complex nuances of the economy.
In traditional computing, computations are carried out via bits, akin to on/off switches driving applications. Contrastingly, quantum computing employs qubits, which possess an expanded range of states including on, off, simultaneously on and off, and neither on or off. This concept arises from quantum mechanics which emerged from the study of phenomena that seemed to operate outside Newtonian classical physics' constraints.
Elaborating on the superiority of qubits, Orrell said that unlike bits which are simply zero or one, a qubit can represent a broad spectral range analogous to a color palette with a variety of hues and complexities. He added that the distinctive feature of qubits is their capability to be entangled and interactively influence each other, thereby introducing uncertainty upon measurement. Orrell stressed that establishing the efficacy of models based on quantum properties would be integral for its adoption.
In his conversation, Orrell clarified that his "economy is quantum" statement doesn't imply a connection with subatomic particles but rather refers to the mathematical models and class calculus instrumental in economic predictions and measurements.
Having penned several book titles centered around economics like "Quantum Economics: The New Science of Money", Orrell has insisted on the indispensability of quantum mathematical models for a comprehensive economic analysis. He believes that raising awareness about quantum economics is a major hurdle before its mainstream acceptance. To help tackle this, he launched his own science journal, "Quantum Economics and Finance", to encourage more academic research in this emerging area. Interestingly, Orrell also has a track record of foreseeing trends in economic technology, as evidenced by his prediction of cryptocurrency's ascendancy as early as 2018.
Published At
2/20/2024 10:00:00 PM
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