Berlin 2012 – scientific programme

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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 2: Financial Markets and Risk Management I

SOE 2.1: Talk

Monday, March 26, 2012, 09:30–10:00, H 0110

Systemic Risks in Techno-Socio-Economic Systems: Need of a New Science — •Dirk Helbing — ETH Zurich, Clausiusstr. 50, 8092 Zurich

Globalization and technological progress have created strongly connected, complex, and global techno-socio-economic-environmental systems. These systems often show large-scale cascading effects (such as the financial, economic, public spending and political crises, for example) and extreme events. However, such effects are largely neglected by models of risk assessment and risk management, leading to insufficient preparations for cases of crisis. It is argued that we need to develop a new systems science, push complexity science towards practical applications, and develop the data science required for this. Furthermore, I will outline the strategy of the FuturICT flagship project to get towards a more resilient and sustainable world.