Its links' links eventually lead to:
R. N. Elliott’s Fundamental Challenge To Mechanistic Social Models
Dr. Michael K. Green, State University of New York at Oneonta
Abstract
Nineteenth century physicists called into question the mechanistic approach of Newtonian physics, which was based on atomism, reductionism, the unity of the sciences and the primacy of external causality, by developing various field theories. Developments in thermodynamics also called into question the reductive approach of mechanism. R.N. Elliott, an American social thinker who lived from 1871 to 1948, applied the principles of the new physics, i.e., holism, waves, pluralism and internal self-organization, to society and developed an alternative to social mechanism. He thought that mass psychology, impelled by emotion and not reason, was the driving force of human society and that these emotional waves swept through society in a five-wave sequence. According to Elliott, aggregate stock market prices provide the most direct and detailed measure of these moods. Elliott's ideas differ fundamentally from all mechanistic macroeconomic models, including Marxism, Keynesianism, monetarism and the Efficient Market Hypothesis.
To read the complete essay, click here.
-- at http://www.socionomics.org/papers/elliotts_challenge.aspx
I have Prechter's book on Elliot Waves. Very interesting.