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Nature 455, 1181 (30 October 2008) | doi:10.1038/4551181a; Published online 29 October 2008

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Economics needs a scientific revolution

See associated Correspondence: Philippe, Nature 457, 147 (January 2009)

Jean-Philippe Bouchaud1

  1. Jean-Philippe Bouchaud is head of research of Capital Fund Management and a physics professor at cole Polytechnique in France.
    Email: jean-philippe.bouchaud@cea.fr

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Financial engineers have put too much faith in untested axioms and faulty models, says Jean-Philippe Bouchaud. To prevent economic havoc, that needs to change.

Compared with physics, it seems fair to say that the quantitative success of the economic sciences has been disappointing. Rockets fly to the Moon; energy is extracted from minute changes of atomic mass.