Human Behavior Paradox and a Social Science Interpretation of Quantum Mechanics by James J. Wayne :: SSRN

See on Scoop.itBounded Rationality and Beyond

Are financial markets predictable? How to predict the financial markets? These important questions are not answerable in the existing framework of either finance or economics. This paper shows in details that these questions are also not answerable in the existing framework of modern physics. In order to answer these important questions, this papers shows that one must develop a new interpretation of quantum mechanics which makes social science to be a branch of quantum physics like optics and chemistry. By critically examining the question how to predict the human behavior using Newtonian physics, special relativity, general relativity, thermodynamics, and QM with the Copenhagen interpretation, this paper reaches a stunning conclusion that the existing laws in all branches of physics can neither explain nor forecast the human behavior. This is the intolerable human behavior paradox facing physicists today: on one hand, the modern physics can explain and forecast the behavior of physical systems ranging from the tiniest elementary particles to the largest structures of the visible universe with amazing accuracy; on the other hand, ironically the existing physics cannot explain nor forecast the human behavior in our everyday life. The most important contribution of this paper is to prove that it is much easier to solve the measurement problem in QM, the human paradox, and many unanswerable questions in social science together than to solve them individually. This paper proposes a new interpretation, called JJW interpretation of QM, to replace the flawed Copenhagen interpretation and solve the measurement problem, human paradox, and many unanswerable questions in social science. The central points of JJW interpretation of QM is condensed into five new fundamental laws of physics, which are called physics laws of social science (PLSS). PLSS turns out to be a very powerful tool for social science because it reformulates every single problem in economics, politics, and other branches of social science into a physics problem. PLSS solves many outstanding fundamental questions in social science: how humanity should govern itself, whether the future can be forecasted, and how to predict the future. In economics, a fundamental equation of economics can be derived from PLSS. The fundamental equation of economics invalidates many popular economic theories and models, and concludes that the existing economics is not really a science without an extensive house cleaning. In political science, PLSS leads a conclusion that US constitution has many fundamental design flaws, and the permanent world peace is theoretically and practically feasible. Based on the extensive empirical evidence of human behavior supporting PLSS and the profound logical consequence of PLSS, this paper concludes that JJW interpretation is probably the correct interpretation of QM. This paper also shows that JJW interpretation of quantum mechanics is experimentally testable. 

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