Economics: the next physical science?
AbstractWe review an emerging body of work by physicists addressing questions of economic organization and function. We suggest that, beyond simply employing models familiar from physics to economic observables, remarkable regularities in economic data may suggest parts of social order that can usefully be incorporated into, and in turn can broaden, the conceptual structure of physics.
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1520.
Length: 9 pages
Date of creation: Jun 2005
Date of revision:
Publication status: Published in Physics Today (September 2005), 37-42
Note: CFP 1160.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
Find related papers by JEL classification:
- B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
- C00 - Mathematical and Quantitative Methods - - General - - - General
- G00 - Financial Economics - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-06-27 (All new papers)
- NEP-CBE-2005-06-27 (Cognitive & Behavioural Economics)
- NEP-HPE-2005-06-27 (History & Philosophy of Economics)
- NEP-TID-2005-06-27 (Technology & Industrial Dynamics)
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- Sitabhra Sinha & Raj Kumar Pan, 2006. "The Power (Law) of Indian Markets: Analysing NSE and BSE trading statistics," Papers physics/0605247, arXiv.org.
- Bongo Adi & Kenneth Amaeshi & Suminori Tokunaga, 2005. "Rational Choice, Scientific Method and Social Scientism," Method and Hist of Econ Thought 0509001, EconWPA.
- Winther, K. Tobias, 2008. "Analyzing new profit opportunities: a guide to making business projects financially successful," MPRA Paper 11346, University Library of Munich, Germany.
- Victor M. Yakovenko, 2012. "Applications of statistical mechanics to economics: Entropic origin of the probability distributions of money, income, and energy consumption," Papers 1204.6483, arXiv.org.
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