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Thus, a balanced integration of the cost analysis module of coal-fired power plant and economics needs to be carried out, so that the power plant economic indices of coal-fired power plant in terms of total capital investment, operating cost (i.e. fuel cost, operations and maintenance cost), revenue and net present value could be analysed.
Another will consider how economics needs to change as a consequence.
"People say economics needs to incorporate the insights of psychology," Cochrane said to me.
People also say economics needs to incorporate the insights of psychology.
George Cooper, a fund manager and author, has argued that economics needs the kind of scientific revolution driven by Newton and Einstein.The most promising approaches may be based on our growing understanding of the brain.
Granted that the task of economics is to improve our attempts at solving this basic, real-life problem, economics needs to give intellectual priority not to theory or the pursuit of knowledge but to (a) getting clearer what our economic problems are, and (b) proposing and critically assessing policies designed to help solve them.
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"These targets are far out there, but the economics need to work," said Mr. Cole.
What finance and economics need, he says, is more physics, not less.
It is now sinking in that supply-side and demand-side economics need not be incompatible.
"The economics need to come down over the next few years to make this viable," he said.
In "The Physics of Wall Street" (Jan . 6, James Owen Weatherall claims, in the reviewer Floyd Norris's words, that finance and economics need "more physics, not less".
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CEO of Professional Science Editing for Scientists @ prosciediting.com