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Inbunden Engelska, Spara som favorit. Skickas inom vardagar. In recent years, as part of the increasing "informationization" of industry and the economy, enterprises have been accumulating vast amounts of detailed data such as high-frequency transaction data in nancial markets and point-of-sale information onindividualitems in theretail sector.

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  • Similarly,vast amountsof data arenow ava- able on business networks based on inter rm transactions and shareholdings. Some of this work uses the methods of statistical physics, which studies how swarms of particles interact to produce new effects. For example, individual H2O molecules move randomly in water. Similarly, whatever the varied qualities of individual people, they can form voting blocs, which may spontaneously reform after a crucial event, such as a debate between political candidates.

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    The French scientist Serge Galam applies physical effects like these to human behavior in his book Sociophysics Another approach to sociophysics extracts mathematical rules and behavioral patterns from terabytes of data gleaned from existing records or from digital interactions like social media. In truth, meaningful sociophysics necessitates both data and a model or theory.

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    An early example of this approach in practice came from Princeton astrophysicist turned sociophysicist John Q. He noted in that for many kinds of interactions between groups of people, such as telephone calls between any two cities in the U. These interdisciplinary approaches are still less widely accepted than traditional physics, sociology, and economics. But with new analytical tools and new data, researchers are finding convincing results. These qualities are believed to arise from two independent human neurophysiological systems.

    The results clearly show that individual reviewers are influenced by other comments, and that unlike negative reviews, positive reviews skew toward highly positive—apparently people who like something want to show that they like it a lot. By comparing reviews of one of the Harry Potter books, which received much media attention, to reviews of another book that did not, the researchers found distinct differences in group emotional patterns, reflecting different emotional responses to external marketing vs.

    Results like these have obvious value for corporate marketers. When there are enough extremists to interact with each other, it amplifies their impact. This effect is central in statistical physics, where correlations among particles produce nonlinear behavior that cascades into a phase transition, like water turning into ice. Quantitative methods have been applied to other social phenomena, such as the spread of rumors and voting patterns in recent European and U.

    According to the authors of Econophysics: An Emerging Discipline , econophysics received a strong push after traditional economics failed to foresee the global economic crisis of That lack, they claim, shows that rather than rely on theories that may be too simplified to describe reality, economics needs an injection of econophysics, with greater weight given to empirical data. One current interest of econophysicists is mathematical power laws , where one variable depends on another raised to some power. For example, the area of a square and the volume of a cube are given by the length of a side L raised to the power 2 L 2 and power 3 L 3 , respectively.

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    For reasons that are not yet completely understood, power laws describe a range of economic activities, such as stock market transactions and, especially relevant today, income inequality. Since the late nineteenth century, data analysis has shown that the fraction of people with an income greater than some cutoff value follows a power law called the Pareto distribution, which gives a small slice of the population a disproportionately large share of income and wealth.

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    The question of global inequality was brought into focus through the groundbreaking book Capital in the Twenty-First Century by the French economist Thomas Piketty, whose analysis includes the Pareto distribution. Sociophysics and econophysics are answering questions about how people behave, though no one could yet claim that these approaches are uncovering deep truths about human nature.

    Armed with this knowledge, Seldon creates the Foundation, a group devoted to minimizing the dark times, so society can recover and go on. Foundation greatly affected Krugman, apparently. But it took millennia for physicists to derive these insights. Maybe in only a few more centuries, we will become like Hari Seldon, able to better understand ourselves through quantitative science.