Offener Brief an George Soros
Das Institut für Econophysics der Universität Freiburg schreibt George Soros einen offenen Brief und tritt als Adivisor seinem Institut of New Econimic Thinking bei.
Auszüge aus dem Brief:
Physicists have pointed out that “Economy needs a revolution” and diagnosed the lack of robustness of the financial system, in some cases before the recent crisis (see attachments). Their criticism concerns the pillars of established economics:
- Markets are not efficient by nature.
- Economics can be driven far from equilibrium (as bubbles and crashes illustrate).
- The system behavior is dominated by interactions between the market participants, and is hard to regulate.
- Network interactions can change the behavior of markets dramatically.
- Science needs to be driven by empirical data, not ideologies and preconceived mathematical formalisms.
Their new approach allows us to understand markets as ecosystems, in which extreme events are the result of systemic instabilities. This is based on the theory of complex dynamical systems, considering randomness and strong interactions as fundamental features.
The financial crisis has not only created huge financial losses. It has damaged the economic system to an extent that several countries are at the verge of bankruptcy, and social systems have become dangerously vulnerable. The problems we have seen may just be the beginning of a larger crisis. The situation may totally get out of control, endangering social peace and cultural achievements.
