The history of economic thought witnessed several prominent economists who took seriously models and concepts in physics for the elucidation and prediction of economic phenomena. Econophysics is an emerging discipline at the intersection of heterodox economics and the physics of complex systems, with practitioners typically engaged in two overlapping but distinct methodological programs. The first is to export mathematical methods used in physics for the purposes of studying economic phenomena. The second is to export mechanisms in physics into economics. A (...) conclusion is drawn that physics transfer is often justified at the level of mathematical transfer but unjustified at the level of mechanistic transfer. (shrink)

This article develops an axiomatic theory of induction that speaks to the recent debate on Bayesian orgulity. It shows the exact principles associated with the belief that data can corroborate universal laws. We identify two types of disbelief about induction: skepticism that the existence of universal laws of nature can be determined empirically, and skepticism that the true law of nature, if it exists, can be successfully identified. We formalize and characterize these two dispositions toward induction by introducing novel axioms (...) for subjective probabilities. We also relate these dispositions to the axiom of σ-additivity. (shrink)

The goal of this paper is to provide a detailed reading of John Venn's Logic of Chance as a work of logic or, more specifically, as a specific portion of the general system of so-called ‘material’ logic developed in his Principles of Empirical or Inductive Logic and to discuss it against the background of his Boolean-inspired views on the connection between logic and mathematics. It is by means of this situating of Venn 1866 [The Logic of Chance. An Essay on (...) the Foundations and Province of the Theory of Probability. With Especial Reference to Its Application to Moral and Social Science, London: Macmillan] within the entirety of his oeuvre that it becomes both possible to revisit and necessary to re-articulate its place in the history of the frequency interpretation of probability. For it is clear that if Venn's approach to logic not only allowed him to establish its foundations on the basis of a process of idealization and define it as consisting of so-called hypothetical infinite series, bu.. (shrink)