Predicting ‘Quantum Economics’: Oxford Economist Foresees Crypto’s Mainstream Success

Renowned mathematician and author, David Orrell, who holds a PhD in economics from Oxford University, believes that the future of economics lies in the realm of quantum physics. He argues that the same models used to predict outcomes in quantum physics can also be applied to simulate and understand the complexities of the economy. Traditional economics, based on binary mathematics similar to classical computers, fall short in providing a comprehensive understanding of the economy. In classical computing, calculations are performed using bits, which are either on or off. In quantum computing, qubits replace bits, offering a more nuanced approach. Qubits can be on, off, both on and off simultaneously, or neither on nor off. This concept, grounded in quantum mechanics, challenges the classical physics established by Isaac Newton.

Orrell describes qubits as a spectrum of colors, representing different shades and complexities. Qubits are entangled, meaning they interact with each other, introducing uncertainty in measurement. This fundamental difference sets quantum economics apart. According to Orrell, demonstrating the profitability and effectiveness of models based on this principle is crucial. It is important to note that when referring to quantum economics, Orrell is not implying a connection to subatomic particles or quantum computing hardware, but rather the mathematical models used in economic analysis.

Orrell, a prolific author on the subject of the economy, including his book “Quantum Economics: The New Science of Money,” emphasizes the necessity of using quantum mathematical models to unlock the full potential of economic analysis. Mainstream adoption of quantum economics faces challenges, primarily related to awareness and understanding of this emerging field. To address this, Orrell established a science journal named “Quantum Economics and Finance” to support further scientific research in this domain.

This is not the first time Orrell has predicted economic trends ahead of his peers. In 2018, he foresaw the mainstream adoption of cryptocurrencies, asserting that crypto would become the currency of the future, though acknowledging that its widespread acceptance might take time. Orrell’s forward-thinking approach and expertise have placed him at the forefront of exploring the intersection of economics and cutting-edge mathematical theories.