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Towards a New Way of Teaching Statistics in Economics: The Case for Econophysics

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  • Christophe Schinckus

    (Monarch Business School, Switzerland, University of Leicester, School of Business, UK,)

  • Çınla Akdere

    (Middle East Technical University, Economics Department, Turkey)

Abstract

The selection of an appropriate way to measure data has long challenged economists. Analogies referring to scientific methods, concepts, and theories coming from the hard sciences (especially chemistry and physics) have repeatedly been used in economics since its earliest days. Today, the ambition of all university economics departments is to offer a thorough-going education in the discipline that is as scientific as possible. In fact, this is what has led academic institutions to incorporate mathematics and statistics courses into their economics departments. This statistics-based character of economics has been well documented in the literature, since it has literally shaped the “scientificity” widely promoted in the field: statistics provide an empiricist foundation to economics. This paper aims to further explore the influence of physics, in particular, on economics, focusing on the recent advent of "econophysics." We contend that the emergence of this new sub-field should be regarded as a conceptual\theoretical benefit for those teaching statistics to economics students

Suggested Citation

  • Christophe Schinckus & Çınla Akdere, 2015. "Towards a New Way of Teaching Statistics in Economics: The Case for Econophysics," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 4(3), pages 89-108, September.
    • Handle: RePEc:tek:journl:v:4:y:2015:i:3:p:89-108
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    More about this item

    Keywords

    Econophysics; econometrics; teaching and statistics;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General

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