Fundamental and Real-World Challenges in Economics

TL;DR

This paper proposes a research program to address fundamental gaps in economics highlighted by recent crises, emphasizing interdisciplinary collaboration and systemic understanding for better policy support.

Contribution

It formulates a new research agenda for socio-economic sciences, integrating insights from various disciplines to improve understanding and decision-making in economics.

Findings

Identifies weaknesses in conventional economic approaches

Suggests multidisciplinary collaboration for systemic understanding

Highlights potential for improved policy advice

Abstract

In the same way as the Hilbert Program was a response to the foundational crisis of mathematics, this article tries to formulate a research program for the socio-economic sciences. The aim of this contribution is to stimulate research in order to close serious knowledge gaps in mainstream economics that the recent financial and economic crisis has revealed. By identifying weak points of conventional approaches in economics, we identify the scientific problems which need to be addressed. We expect that solving these questions will bring scientists in a position to give better decision support and policy advice. We also indicate, what kinds of insights can be contributed by scientists from other research fields such as physics, biology, computer and social science. In order to make a quick progress and gain a systemic understanding of the whole interconnected socio-economic-environmental system, using the data, information and computer systems available today and in the near future, we suggest a multi-disciplinary collaboration as most promising research approach.