David Orrell

"A decade adfter the financial crisis of 2007-2008, it's clear that economics had failed and needs to go back to the drawing board. David Orrell argues thatr we can use the insights of quantum theory to create a 'real-world' economics that works for us all. Surprisingly, mainstream economists barely mention the role of money, but money is in fact a complex quantum system. Just as a quantum physicist will tell you that a subatomic particle doesn't have a fixed location or momentyum until someone takes a measuremenmt of it, a quantum economist will say that your house has a value but no actual price until somebody buys it. Quantum mechanics shopws tat the universe is far more unpredictable than had been supposed. Similarly, quantum economics presenst an economy that is notr efficient, fair and stable, but complex, entangled and creative, and that tends toward inequity and instability - very much like the world we live in."--Back cover.

the new science of money

Quantum Economics

For centuries, scientists and charlatans have claimed to know what's happening tomorrow before tomorrow comes. But how well can we really predict the future? Can past events--Hurricane Katrina, bull markets, the SARS outbreak--help us understand what will happen next? Will scientists ever be able to forecast catastrophes, or will we always be at the mercy of Mother Nature, waiting for the next storm, epidemic or economic crash to thunder through our lives? In Apollo's Arrow, Canadian scientist David Orrell looks back at past prognosticators, from the time of the Oracle at Delphi to the rise of astrology to the advent of the nightly news, showing us how scientists (and some charlatans) predicted the future. He asks how today's scientists can claim to anticipate future weather events when even three-day forecasts prove a serious challenge. Can we predict epidemics? Can we accurately foresee our financial future? Or will we only find out about tomorrow when tomorrow arrives? The trajectory of an arrow is something that can be determined reasonably accurately from the arrow's starting position and its velocity using the laws of physics. But if there's a gust of wind that is not included in the model, then the arrow will depart slightly from its predicted path. Might not be important, unless you happen to be the person waiting at the other end with the apple on your head. Studies have shown that social forecasting, scientific and otherwise, is about as accurate as random guessing, despite the vast numbers of highly paid experts employed to do it. If the futurologists of the 1960s had been right, for example, I would probably be writing this in an orbital space station as my personal robot tends to my toenails.--from Apollo's Arrow

The Science of Prediction and the Future of Everything

Apollo's Arrow

A comic-book introduction to economics from David Orrell, the author of Economyths: 11 Ways Economics Gets it Wrong. With illustrations from Borin Van Loon. Part of the internationally-recognised Introducing Graphic Guide series. Today, it seems, all things are measured by economists. The so-called 'dismal science' has never been more popular - or, given its failure to predict or prevent the recent financial crisis, more controversial. But what are the findings of economics? Is it really a science? And how can it help our lives? Introducing Economics traces the history of the subject from the ancient Greeks to the present day. Orrell and Van Loon bring to life the contributions of great economists - such as Adam Smith, Karl Marx, John Maynard Keynes and Milton Friedman - and delve into ideas from new areas such as ecological and complexity economics that are revolutionizing the field.

A Graphic Guide

Introducing Economics

Roman Chlupatý

The Evolution of Money

Paul Wilmott

Explore the deadly elegance of finance's hidden powerhouse The Money Formula takes you inside the engine room of the global economy to explore the little-understood world of quantitative finance, and show how the future of our economy rests on the backs of this all-but-impenetrable industry. Written not from a post-crisis perspective – but from a preventative point of view – this book traces the development of financial derivatives from bonds to credit default swaps, and shows how mathematical formulas went beyond pricing to expand their use to the point where they dwarfed the real economy. You'll learn how the deadly allure of their ice-cold beauty has misled generations of economists and investors, and how continued reliance on these formulas can either assist future economic development, or send the global economy into the financial equivalent of a cardiac arrest. Rather than rehash tales of post-crisis fallout, this book focuses on preventing the next one. By exploring the heart of the shadow economy, you'll be better prepared to ride the rough waves of finance into the turbulent future. Delve into one of the world's least-understood but highest-impact industries Understand the key principles of quantitative finance and the evolution of the field Learn what quantitative finance has become, and how it affects us all Discover how the industry's next steps dictate the economy's future How do you create a quadrillion dollars out of nothing, blow it away and leave a hole so large that even years of "quantitative easing" can't fill it – and then go back to doing the same thing? Even amidst global recovery, the financial system still has the potential to seize up at any moment. The Money Formula explores the how and why of financial disaster, what must happen to prevent the next one.

Dodgy Finance, Pseudo Science, and How Mathematicians Took Over the Markets

The Money Formula

The Science of Prediction

The Future of Everything

The controversial science that claims to have revolutionised economics. For centuries, economics was dominated by the idea that we are rational individuals who optimise our own ‘utility’. Then, in the 1970s, psychologists demonstrated that the reality is a lot messier. We don’t really know what our utility is, and we care about people other than ourselves. We are susceptible to external nudges. And far from being perfectly rational we are prone to ‘cognitive biases’ with complex effects on decision-making, such as forgetting to prepare for retirement. David Orrell explores the findings from psychology and neuroscience that are shaking up economics – and that are being exploited by policy-makers and marketers alike, to shape everything from how we shop for food, to how we tackle societal happiness or climate change. Finally, he asks: is behavioural economics a scientific revolution, or just a scientific form of marketing?

Psychology, neuroscience, and the human side of economics

Behavioural Economics

A groundbreaking look at how the science of complex systems is changing economics. Economics has for decades claimed that the economy is a rational, stable, efficient machine, governed by well-understood laws. Mathematician David Orrell traces the history of this idea from ancient Greece to the financial centres of London and New York, showing exactly how it is mistaken - and then brilliantly illustrates how new ideas in mathematics, psychology, and environmentalism are helping to reinvent economics for the 21st century

How the Science of Complex Systems is Transforming Economic Thought

Economyths

The sharing economy's unique customer-to-company exchange is possible because of the way in which money has evolved. These transactions have not always been as fluid as they are today, and they are likely to become even more fluid. It is therefore critical that we learn to appreciate money's elastic nature as deeply as do Uber, Airbnb, Kickstarter, and other innovators, and that we understand money's transition from hard currencies to cryptocurrencies like Bitcoin if we are to access their cooperative potential. The Evolution of Money illuminates this fascinating reality, focusing on the tension between currency's real and abstract properties and advancing a vital theory of money rooted in this dual exchange. It begins with the debt tablets of Mesopotamia and follows with the development of coin money in ancient Greece and Rome, gold-backed currencies in medieval Europe, and monetary economics in Victorian England. The book ends in the digital era, with the cryptocurrencies and service providers that are making the most of money's virtual side and that suggest a tectonic shift in what we call money. By building this organic time line, The Evolution of Money helps us anticipate money's next, transformative role.

A decade after the financial crisis, there is a growing consensus that economics has failed and needs to go back to the drawing board. David Orrell argues that it has been trying to solve the wrong problem all along. Economics sees itself as the science of scarcity. Instead, it should be the science of money (which plays a surprisingly small role in mainstream theory). And money is a substance that turns out to have a quantum nature of its own. Just as physicists learn about matter by studying the exchange of particles at the subatomic level, so economics should begin by analysing the nature of money-based transactions. Quantum Economics therefore starts with the meaning of the phrase ‘how much’ – or, to use the Latin word, quantum. From quantum physics to the dualistic properties of money, via the emerging areas of quantum finance and quantum cognition, this profoundly important book reveals that quantum economics is to neoclassical economics what quantum physics is to classical physics – a genuine turning point in our understanding.

The New Science of Money

Money has many apparently magical properties. It can be created out of the void - and vanish without so much as a puff of smoke. It can flash through space. It can grow without limit. And it can blow up without warning. David Orrell argues that the emerging discipline of quantum economics, of which he is at the forefront, is the key to shattering the illusions that prevent us from understanding money's true nature. In this colourful tour of the history, philosophy and mathematics of money, Orrell demonstrates how everything makes much more sense when we replace our classical economic models with ones based on quantum probability - and reveals the explosive reality of what is left once the illusions are stripped away.

Quantum Economics for the Real World

Money, Magic, and How to Dismantle a Financial Bomb

Questions the promises and pitfalls of associating beauty with truth, showing how ideas of mathematical elegance have inspired, and have sometimes misled, scientists attempting to understand nature. The author also shows how the ancient Greeks constructed a concept of the world based on musical harmony.

Science and the Quest for Order

Truth Or Beauty

The story and history of money, finance and economics but also its interaction with people, governments and society.

David Orrell

About

Books

Join the club