Perhaps the Rigorous Modeling of Economic Phenomena Requires Hypercomputation
Selmer Bringsjord, Naveen Sundar G, Eugene Eberbach and Yngrui Yang
We show that hypercomputation might be needed to rigorously model a scientist trying to study economic phenomena. In this situation, super-Turing hardness manifests in both the modeling process performed by the scientist and the models produced. We start with an introduction to the conventional formal “science-of-sciences” paradigm and present modifications that require the scientist to provide an explanation for the models/theories provided. We then show that in this framework the process of formulating an economic theory, and the theories produced can, potentially, be hypercomputational.
Keywords: Science of Sciences, Economics, Hypercomputation, Chain Store paradox, Mental Decision Logic, Hutter’s AIXI model, Economic Collapse