Quantum Technology for Economists

Application of quantum technology in radars

In this paper, the use of quantum technology in the radar system and the advantages of these radars as compared to classical radars have been analyzed. In the beginning, briefly, we present the basic structure of the theory of quantum electrodynamics, and then the role of photon in this theory and photon interactions is presented.  In the next step, the most general form of the quantum radar cr...

The Five Information Technology Blind Spots of Economists

On August 9, 2007, the European Central Bank (ECB) decided to organize a conference call with the twenty largest banks in Europe. The problem was that these banks were no longer lending each other money. Banks were in urgent need of money and as one of the bankers made it clear: “We need three things: we need cash, we need a lot, and we need it now” (NRC Handelsblad , 2012). The same day, the E...

Legal Realism for Economists

M ost economic theory presumes—often implicitly—a system of law and adjudication. After all, institutions like property, contract, and government regulation typically entail mechanisms for law-creation and lawapplication, which usually (though perhaps not inevitably) imply some kind of judicial system (Posner, 2008, pp. 5–6). Because judges are often responsible for interpreting and enforcing t...

The Methodology of Economists

Thirty-five years ago, E. C. Harwood, AIER's founder, wrote the following about the relation of economic conclusions to the methods of inquiry used by many economists: "That economists frequently do not agree has become so commonplace that some economists no longer seem to be troubled by the suggestion that such a state of affairs is scandalous. That many economists do agree on certain analyses...

EC 720 - Math for Economists Lecture Notes