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Studying
the application of physics
to economic problems
Extreme economic events, such as stock market crashes or
booms, are increasingly being examined using methods developed
to study the physics of phase transitions or critical phenomena.
Some of the studies have led to theories claiming to be
able to predict these events. In the past five years, there
has been an enormous increase in these activities, using
statistical physics and computer modelling, resulting in
differing theories and occasional scepticism.
A NATO research workshop took place in Prague on 8-10
February, where the exponents of many of the leading theories
gathered to present the pertinent developments and have
them subjected to critical assessment. Supported under
the NATO Science Programme, the workshop brought together
over 50 experts, both physicists and economists, from
17 NATO and Partner countries. The results of their deliberations
will be published in a special issue of the physics journal
"Physica A".
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