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Fundamental And Real-world Challenges In Economics

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Executive Summary

In the same way as the Hilbert Program was a response to the foundational crisis of mathematics, this paper tries to formulate a research program for the socio-economic sciences. The aim of this paper 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, the authors identify the scientific problems which need to be addressed. They expect that solving these questions will bring scientists in a position to give better decision support and policy advice. They also indicate, what kinds of insights can be contributed by scientists from other research fields such as physics, biology, computer and social science.

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