Has the time come for a quantum revolution in economics?
Introduction
Quantum physics, the study of the universe on an atomic scale, gives us a reference model to understand the human ecosystem in the discrete individual unit. It helps us understand how individual human behavior impacts collective systems and the security of humanity.
Metaphorically, we can see this in how a particle can act both like a particle or a wave. The concept of entanglement is at the core of much of applied quantum physics. The commonly understood definition of entanglement says that particles can be generated to have a distinct reliance on each other, despite any three-dimensional or 4-dimensional distance between the particles. What this definition and understanding implies is that even if two or more particles are physically detached with no traditional or measurable linkages, what happens to one still has a quantifiable effect on the other.
Now, individuals and entities across nations: its government, industries, organizations, and academia (NGIOA) are part of an entangled global system. Since the ability to generate and manipulate pairs of entangled particles is at the foundation of many quantum technologies, it is important to understand and evaluate how the principles of quantum physics translate to the survival and security of humanity.
If an individual human is seen as a single atom, is our behavior guided by deterministic laws? How does individual human behavior impact the collective human species? How is an individual representative of how collective systems, whether they be economic to security-based systems, operate?
Acknowledging this emerging reality, Risk Group initiated a much-needed discussion on the Strategic Impact of Quantum Physics on Financial Industry with Joseph Firmage, Founder & Chairman at the National Working Group on New Physics based in the United States, on Risk Roundup.
Risk Group discusses Strategic Implications of Quantum Physics on Financial Industry with Joseph Firmage, Founder & Chairman at National Working Group on New Physics based in the United States.
Quantum Money to Quantum Economics
If we evaluate the global economic system, the question that emerges is whether the current models accurately represent individual and collective human behavior and whether it even represents the science of money. This is especially important as the boundaries of nations and human and machine intelligence blur in cyberspace, aquaspace, geospace, and space (CAGS). As a result, the principles of current economic theory are proving ineffective. It is time to think about an economic theory that focuses on the fundamental science of money, moving away from the science of scarcity to the emerging science of abundance due to rapidly evolving man/machine intelligence, which is dependent on individual and collective human behavior.
Joseph Firmage expands on this notion in Risk Roundup: “I would expand the question from just quantum physics to how physics is impacting the economy. You then add in propulsion and energy. Particularly those two govern how machines and we move, how we power. And the brains of the machines are AI. So, I’ve been working with my teams on a new AI platform that interconnects other AI platforms in a manner that is sort of future-proof because we can connect with all sorts of AI systems. But, in terms of economics, I admire Wall Street and I admire the efforts of the treasury itself to figure out how you get a systematic regulatory structure around digital currencies so that you can have regular markets. You can have the same kind of predictive powers that we have enjoyed for a century, and [for Wall Street] have been thrown in some degree of flux because after all, what is currency?”
Money or currency is believed by some to have a quantum nature. As we move towards a cashless economy and as digital- and crypto-currencies are on the rise, their diffusion will have commonality on which quantum physics operates. That brings us some essential questions: is there any commonality between quantum processes, human processes, financial processes, and economic processes? Can we apply methods and models of quantum physics to the field of economics?
Quantum theory is inspiring entrepreneurs and economists to redefine and redesign economic models based on how humans interact with money and how money is exchanged. Since a system focused on money is said to be following the same principles of quantum physics: entanglement and more, it is time to rebuild macroeconomic models that will be truly representative of the reality.
What Next?
Like particles in quantum mechanics, individuals have an important presence in the spaces found in-universe (both natural and human-made). As we try to define and design the fundamental principles on which to build a tomorrow for the human species beyond our interconnected systems of CAGS, it is crucial to understand and evaluate the fundamental laws of quantum physics to strengthen the human ecosystem in which we exist (CAGS).
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Very interesting concept. As our universe is organized, so are every other system from galaxy to solar system and so forth down to the molecular level. It would be reasonable to assume that economic systems would follow the same path if it has followed a natural evolutionary path. There is no doubt that the Quantum Theory also explains the actions and reactions of each and every economic transaction. The question I would ask does the theory allow for an expanding economic universe with a natural “pruning’ to maintain a healthy system that leads to natural expansion, which inevitably leads to a consistent “win-win” scenario or is it a system that balances with a “one wins – another loses”. Would enjoy hearing other comments.