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What If Quantum Physics Were Applied To Economics?

A mathematician argues that ideas that seemed bizarre in classical physics makes perfect sense in economics

Applied mathematician David Orrell offers a look at the difference quantum mechanical thinking would make to economics. The author of Money, Magic, and How to Dismantle a Financial Bomb: Quantum Economics for the Real World (2022) received considerable criticism for an article he wrote four years ago, “Economics is quantum,” which he summarizes in a followup article, published this month: The idea is that money is best understood as a quantum social technology, with quantum properties of its own. In financial transactions, for example, value can be modelled as a probabilistic wave function which ‘collapses’ down to an exact number when money is exchanged. When you put your house up for sale, you might have a fuzzy idea of its…