Abstract Quantum physics requires a rethinking of basic postulates of economic science. The article presents the fundamental ideas of the hypothesis theory “The economy of creative imagination”. Also, it identifies the reevaluation methods of mechanistic economic paradigms that were formulated through analogy with classical mechanics. The paper shows that the economic process is performed at two levels - first in individual imagination, and then in traditional workshops and factories. In individual’s imagination, real goods are “truly created” at the subatomic level. As determinism principle dominates big material objects and the uncertainty principle operates at the quantum level, the author believes that rethinking the economic science refers primarily to the discovery of laws that enable us to predict the evolution of economic phenomena within the limitations imposed by the uncertainty principle.
Abstract Quantum physics requires a rethinking of basic postulates of economic science. The article presents the fundamental ideas of the hypothesis theory “The economy of creative imagination”. Also, it identifies the reevaluation methods of mechanistic economic paradigms that were formulated through analogy with classical mechanics. The paper shows that the economic process is performed at two levels - first in individual imagination, and then in traditional workshops and factories. In individual’s imagination, real goods are “truly created” at the subatomic level. As determinism principle dominates big material objects and the uncertainty principle operates at the quantum level, the author believes that rethinking the economic science refers primarily to the discovery of laws that enable us to predict the evolution of economic phenomena within the limitations imposed by the uncertainty principle.
The paper undertakes to analyse the changes in the economic agent which it is subject to when described from the perspective of different worldviews. The mechanistic, electrodynamic and relativistic quantum worldviews suggest different interpretations of the properties of the object, hence describe economic objects different in nature. Reliance on physicalist methods makes it possible to reveal an economic agent displaying solidarity and to outline its preconditions. The goal of this research is reconsidering the object of economics and revealing its new properties. The first task is to describe the economic agent in mechanistic terms, the second task is to add to it the properties that are drawn from quantum mechanics. The paper looks for analogies and metaphors of such phenomena as tunnel effect and duality of microparticles. It also suggests a system of institutional organization for regulating demand for different categories of goods. The theory of institutions is interpreted through the analogies of the electrodynamic worldview. The principles of behavioral economics are presented in terms of the quantum-relative worldview. The article reveals a new production factor that allows the agent to exchange the labour performed in the system of informal institutions for its analogies in the formal system. It is inferred that the peculiarities of behaviour are formed by institutions and divide agents of demand into groups. The metaphors of quantum-field experiments are revealed to explain the mechanisms of influence on these groups depending on their preferences. The paper explores the agent of demand — the purchaser — consisting of multiple households. Economic analogies are searched in the process of interpreting the law of demand and supply.
Quantum Economic Philosophy takes the quantumlike features inherent in human cognition as its starting point, reconstructing economic philosophy to rethink and transcend the mechanistic worldview that has long dominated economic thought. It reworks the ontological, epistemological and methodological underpinnings of economics through quantum logic, breaking away from the constraints of classical substance ontology. Within this new framework, economic agents are no longer isolated, selfcontained atomic individuals but relational nodes embedded within networks; economic states are not predetermined objective facts waiting passively to be documented, but a set of coexisting, superposed potentialities. Economic observation is not a detached, neutral act of recording; rather, observation, together with the observer’s expectations and actions, actively participates in shaping the economic reality under investigation. Adopting a practical ontology, this book reinterprets core categories including value, capital, markets and economic justice. It unpacks the implicit metaphysical presuppositions embedded within mainstream economics, and clarifies that the quantum turn is not merely rhetorical borrowing from quantum physics. Instead, it constitutes a fundamental paradigm shift suited to the endogenous reflexivity, uncertainty and generative character of economic systems. Balancing rigorous philosophical inquiry with theoretical extensibility for economics, this volume is written for students, researchers and thinkers working in economics, economic philosophy and social theory. It strips away the a priori assumptions built into the conventional equilibrium paradigm, lays a coherent and unified conceptual foundation for the entire quantum economics book series, and furnishes a fresh philosophical vocabulary for re-examining economic order, human choice and institutional evolution.
Classical and Quantum Physics in Selected Economic Models A growing number of economic phenomena are nowadays described with methods known in physics. The most frequently applied physical theories by economists are: (1) the universal gravitation law and (2) the first and second law of thermodynamics. Physical principles can also be applied to the theory of financial markets. Financial markets are composed of individual participants who may be seen to interact as particles in a physical system. This approach proposes a financial market model known as a minority game model in which securities and money are allocated on the basis of price fluctuations, and where selling is best option when the vast majority of investors tend to purchase goods or services, and vice versa. The players who end up being on the minority side win. The above applications of physical methods in economics are deeply rooted in classical physics. However, this paper aims to introduce the basic concepts of quantum mechanics to the process of economic phenomena modelling. Quantum mechanics is a theory describing the behaviour of microscopic objects and is grounded on the principle of wave-particle duality. It is assumed that quantum-scale objects at the same time exhibit both wave-like and particle-like properties. The key role in quantum mechanics is played by: (1) the Schrödinger equation describing the probability amplitude for the particle to be found in a given position and at a given time, and as (2) the Heisenberg uncertainty principle stating that certain pairs of physical properties cannot be economic applications of the Schrödinger equation as well as the Heisenberg uncertainty principle. We also try to describe the English auction by means the quantum mechanics methods.
Quantum economics is an interdisciplinary field that combines the principles of quantum mechanics and economic theories. The research examines the main theoretical and practical aspects of quantum economics, starting with its theoretical foundations based on the principles of quantum mechanics, such as superposition, uncertainty and entanglement, and ending with practical applications and perspectives for further research. Special attention was paid to the potential impact of quantum technologies on finance, marketing, supply chain management, as well as on macroeconomic planning and policy. It discusses how quantum algorithms can transform traditional approaches in economic research and practice, providing new methods for analyzing complex data, improving forecasting of economic trends, and optimizing decisions under uncertainty. Quantum economics opens up new perspectives for understanding dynamic and interconnected processes in the global economy, which can fundamentally change our perception of economic laws and strategies. It is emphasized that the quantum economy is at the initial stage of its development, and scientists and practitioners face many challenges and questions that need to be solved. In the future, we can expect the development of new tools for economic analysis and decisionmaking based on quantum computing, which will allow us to cope with current and future economic challenges more effectively. The quantum economy can also offer new approaches to risk management and financial security, especially in light of growing cyber threats and the need to protect economic information. Quantum economics is an exciting and promising direction that can significantly enrich both theoretical and applied aspects of economic science.
A decade after the financial crisis, there is a growing consensus that the neoclassical approach to economics has failed, and that new approaches are needed. This paper argues that economics has been trying to solve the wrong problem. Economics sees itself as the science of scarcity, but instead it should be the science of money. Just as physicists' ideas about quantum matter were formed by studying the exchange of particles at the subatomic level, so economics should begin by analysing the properties of money-based transactions, which like quantum entities have a fundamentally dualistic nature. By building on ideas from quantum money, quantum finance and quantum social science, this paper shows that the economy is an archetypal example of a quantum social system, complete with its own versions of measurement uncertainty, entanglement, and so on. This leads to a proposal for a quantum economics, which is to neoclassical economics what quantum physics is to classical physics.
On Certain Analogies Between the Laws of Quantum Mechanics and Rules of an English Auction It is a self-evident truth that nowadays a growing number of economic phenomena is described by means of physics methods. The most frequent theories derived from physics and applied to economy are: (1) the universal gravitation law and (2) the first as well as the second law of thermodynamics. The methods of static physics are applicable also to the theory of financial markets. In this case it is assumed that the financial market is composed of single participants interacting as a system of particles. Such approach is associated with a model of financial market otherwise known as a minority game. It is postulated that the process of securities and money allocation is performed on the basis of prices fluctuation, where - if a vast majority of investors tend to purchase goods or services - the sale constitutes a more profitable option, and vice versa. The players who end up on minority side win. At the end of the XX century the economy commenced to apply the laws of quantum mechanics. These laws proved to be useful, in particular when attempting to generalize game theory, which resulted in quantum games. The aim of the paper is to compare the rules and auction mechanisms with selected laws of quantum mechanics. This paper aims also to introduce the basic concepts of quantum mechanics to the process of economic phenomena modeling. Quantum mechanics is a theory describing a behaviour of microscopic objects and is grounded on the principle of wave-particle duality. It is assumed that quantum-scale objects at the same time exhibit both wave-like and particle-like properties. The key role in quantum mechanics is played by: (1) the Schrödinger equation describing the probability amplitude for the particle to be found at a given position and at a given time, as well as (2) the Heisenberg uncertainty principle stating that a certain pair of physical properties may not be simultaneously measured to arbitrarily high precision.