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Basic tools of econophysics are probabilistic and statistical methods often taken from statistical physics.. Physics models that have been applied in economics include the kinetic theory of gas (called the kinetic exchange models of markets [7]), percolation models, chaotic models developed to study cardiac arrest, and models with self-organizing criticality as well as other models developed ...
The following is a list of notable unsolved problems grouped into broad areas of physics. [1] Some of the major unsolved problems in physics are theoretical, meaning that existing theories seem incapable of explaining a certain observed phenomenon or experimental result.
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
The ancient Greek understanding of physics was limited to the statics of simple machines (the balance of forces), and did not include dynamics or the concept of work. During the Renaissance the dynamics of the Mechanical Powers, as the simple machines were called, began to be studied from the standpoint of how far they could lift a load, in addition to the force they could apply, leading ...
The question is whether or not, for all problems for which an algorithm can verify a given solution quickly (that is, in polynomial time), an algorithm can also find that solution quickly. Since the former describes the class of problems termed NP, while the latter describes P, the question is equivalent to asking whether all problems in NP are ...
The Yang–Mills existence and mass gap problem is an unsolved problem in mathematical physics and mathematics, and one of the seven Millennium Prize Problems defined by the Clay Mathematics Institute, which has offered a prize of US$1,000,000 for its solution. The problem is phrased as follows: [1] Yang–Mills Existence and Mass Gap.
In theoretical physics, the hierarchy problem is the problem concerning the large discrepancy between aspects of the weak force and gravity. [1] There is no scientific consensus on why, for example, the weak force is 10 24 times stronger than gravity .
"Assume a can opener" is a catchphrase used to mock economists and other theorists who base their conclusions on unjustified or oversimplified assumptions. [1] [2]The phrase derives from a joke which dates to at least 1970 and possibly originated with British economists. [3]