Black-Scholes and the mysterious smile
The Nobel prize-winning model has been heralded as a game changer for traders but in making sweeping assumptions about growth and volatility, it is perhaps not quite as elegant as it seems
The prediction trick
Predicting the economy is a perilous and unforgiving task, one suited to magicians and storytellers. Economists need to learn new tricks and tell fresh stories to satisfy their audience
Can quantum computers predict financial crises?
Quantum computing promises much but is yet to deliver. If quantum computing is to be an effective Nostradamus to our economies, it must be able to factor in our predisposition for negligence
Economists pride themselves on having an objective, dispassionate, scientific view of the world. But could the profession actually be shaped and defined by taboos – no-go areas where economists are afraid, or refuse, to tread?
Many people believe that computers will one day create a form of artificial intelligence that will surpass the abilities of humans. But is this a realistic goal – or will artificial intelligence always be just that, a little bit fake?
Quantum computing is finally having something of a moment
An increasing number of breakthroughs are taking place in the world of quantum computing, all of which will have fascinating repercussions.
The ascent of behavioural economics
Behavioural economics has come a long way over the last half-century, winning mainstream approval. But is its future as bright?
A financial philosopher’s stone
Alchemy may no longer be taken seriously in scientific circles, but its influence on the finance sector is evident to this day
The path of least resistance – understanding the important role friction plays in finance
Like earthquakes, financial crises often involve a breakdown in friction. Economists are only just getting to grips with this fact
A brief history of the international gold standard
Money is often considered to be a type of magic, but what kind of alchemy gives currency its value? The gold standard could hold the answers
The gentlemen’s club
Men have long dominated economics, with women finding it difficult to successfully break into the profession. However, with the prevalent impact of the #MeToo movement, more are recognising the need for greater equality
Money’s killer application
Money was invented to represent goods that were for sale, but it became an indispensable part of society once coins started being used to motivate soldiers and control the public. Understanding money’s historic power helps us create better economic models
Why we missed the storm
In November 2008, Queen Elizabeth II asked why no one saw the financial crisis coming. In the years following, many economists have attempted to answer her question, but few have come up with more than mere excuses
A tale of two workshops
Left underwhelmed by mainstream economics’ attempts to revolutionise the field, David Orrell found a more radical way of thinking among quantum physicists. Could quantum thinking provide the upheaval economics needs?
The insignificance of significance
In economics, statistical significance is often conflated with relevance, leading researchers to push data to fit with their theory. A Bayesian approach, instead, expects theories to evolve as data is collected. While this leads to less newsworthy findings, it is restoring statistics’ legitimacy
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