Abstract
This manuscript is a brief summary of a talk that was designed to address the question of whether two of the pillars of the field of phase transitions and critical phenomena—scale invariance and universality—can be useful in guiding research on interpreting empirical data on economic fluctuations. In particular, we shall develop a heuristic argument that serves to make more plausible the scaling and universality hypotheses.
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Stanley, H.E., Amaral, L.A.N., Gopikrishnan, P., Plerou, V., Rosenow, B. (2002). Quantifying Empirical Economic Fluctuations using the Organizing Principles of Scale Invariance and Universality. In: Takayasu, H. (eds) Empirical Science of Financial Fluctuations. Springer, Tokyo. https://doi.org/10.1007/978-4-431-66993-7_1
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DOI: https://doi.org/10.1007/978-4-431-66993-7_1
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