Scientists believe that there are some economic solutions that can be sourced from physicists, engineers, biologists, ecologists, and others. Since economy has of late proven to be vulnerable, even disastrous, when left alone to the arbitrary whims of unpredictable markets, scientists suggest that there are ways and means from the fields of science that can be used to tame the possibilities of other impending economic disasters.

The logarithm of prices existing in markets, for instance, can be regularly plotted over a chosen period of time. If you don’t spot any increase in the trending line, you are assured that something is terribly wrong.

Statistical trending can produce scientific extrapolations that can closely predict ‘extreme market events, such as a one-day crash capable of wiping out millions of investors.’ Closer attention to statistical trends can, most likely, give inkling as to any impending extreme market fluctuation.

Just as physics, for instance, studies the mathematical foundation of the quantum field theories of the standard model of particle physics, it may also be useful to study economics under the purview of ‘physically observable quantities, rather than hypotheticals akin to the economists’ list of ordered preferences.’

On the other hand, ecologists have studied and offered scientific measurements as to how ecosystems are able to ‘adapt and thrive in the face of all sorts of challenges.’ Processes such as movement of species, continental drift, and climate change can offer insight into how economic systems can adapt to change, no matter how drastic.

Via NewScientist