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FuturICT Blog: “Networked Minds” Require A Fundamentally New Kind of Economics

FuturICT Blog: “Networked Minds” Require A Fundamentally New Kind of Economics | FuturICT Journal Publications | Scoop.it
“True capitalists are other-regarding” – “Perhaps we have applied the wrong theory, and our economy should be run by different people” The body of economic literature will have to change, implies a groundbreaking discovery. In their computer simulations of human evolution, scientists at ETH Zurich find the emergence of the “homo socialis” with “other-regarding” preferences. The results explain some intriguing findings in experimental economics and call for a new economic theory of “networked minds”. Economics has a beautiful body of theory. But does it describe real markets? Doubts have come up not only in the wake of the financial crisis, since financial crashes should not occur according to the then established theories. Since ages, economic theory is based on concepts such as efficient markets and the “homo economicus”, i.e. the assumption of competitively optimizing individuals and firms. It was believed that any behavior deviating from this would create disadvantages and, hence, be eliminated by natural selection. But experimental evidence from behavioral economics show that, on average, people behave more fairness-oriented and other-regarding than expected. A new theory by scientists from ETH Zurich now explains why. 
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THE FUTURICT FET FLAGSHIP SUBMISSION to the European Commission

THE FUTURICT FET FLAGSHIP SUBMISSION SUMMARY DOCUMENT


FUTURICT is one of the 6 flagships which were funded over a duration of 12 months starting from May 2011.

 

These flagship pilots aim to create a design and description of consolidated candidate FET Flagship Initiatives, including assessment of feasibility in scientific, technical and financial terms.

 

On October 23, the FUTURICT Flagship Pilot presented its integrated research agenda, including the involvement and commitment from key stakeholders to the European Commission. 

 

By the end of 2012 to beginning of 2013, at least two of the Pilots are expected to be chosen to be launched as full FET Flagship Initiatives.

 

FUTURICT is a FET Flagship project using collective, participatory research, integrated across the fields of ICT, the social sciences and complexity science, to design socio-inspired technology and develop a science of global, socially interactive systems.

 

The FUTURICT project will bring together, on a global level, Big Data, new modelling techniques and new forms of interaction, leading to a new understanding of society and its co-evolution with technology.

 

This will place Europe at the forefront of a major scientific drive to understand, explore and manage our complex, connected world in a more sustainable and resilient manner.

The unifying goal of the FUTURICT FET flagship is to integrate the fields of information and communication technologies (ICT), social sciences and complexity science, to develop a new kind of participatory science and technology that will help us to understand, explore and manage the complex, global, socially interactive systems that make up our world today, while at the same time paving the way for a new paradigm of ICT systems that will leverage socio-inspired self-organisation, self-regulation, and collective awareness.

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