Response to worrying trends in econophysics
AbstractThis article is a response to the recent “Worrying Trends in Econophysics” critique written by four respected theoretical economists . Two of the four have written books and papers that provide very useful critical analyses of the shortcomings of the standard textbook economic model, neo-classical economic theory [2,3] and have even endorsed my book . Largely, their new paper reflects criticism that I have long made [4,5,6,7,] and that our group as a whole has more recently made . But I differ with the authors on some of their criticism, and partly with their proposed remedy.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 2129.
Date of creation: 29 May 2006
Date of revision:
Publication status: Published in Physica A 2.371(2006): pp. 601-609
General equilibrium; uncertainty; conservation laws; money nonconservation; nonintegrability of dynamical systems; financial markets; stochastic processes;
Find related papers by JEL classification:
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- C0 - Mathematical and Quantitative Methods - - General
- A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gallegati, Mauro & Keen, Steve & Lux, Thomas & Ormerod, Paul, 2006. "Worrying trends in econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 370(1), pages 1-6.
- E. Scalas & U. Garibaldi & S. Donadio, 2006.
"Statistical equilibrium in simple exchange games I,"
The European Physical Journal B - Condensed Matter and Complex Systems,
Springer, vol. 53(2), pages 267-272, 09.
- E. Scalas & U. Garibaldi & S. Donadio, 2007. "Statistical equilibrium in simple exchange games I," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 60(2), pages 271-272, November.
- Kakarot-Handtke, Egmont, 2003. "How to Get Rid of Demand–Supply–Equilibrium for Good," MPRA Paper 46917, University Library of Munich, Germany.
- Schinckus, C., 2013. "Between complexity of modelling and modelling of complexity: An essay on econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(17), pages 3654-3665.
- Drakopoulos, Stavros A. & Katselidis, Ioannis, 2013. "From Edgeworth to Econophysics: A Methodological Perspective," MPRA Paper 46975, University Library of Munich, Germany.
- Christophe Schinckus, 2011. "What can econophysics contribute to financial economics?," International Review of Economics, Springer, vol. 58(2), pages 147-163, June.
- Kakarot-Handtke, Egmont, 2013. "The Structural Price Mechanism," MPRA Paper 50585, University Library of Munich, Germany.
- Kakarot-Handtke, Egmont, 2013. "Understanding Profit and the Markets: The Canonical Model," MPRA Paper 48691, University Library of Munich, Germany.
- Shu-Heng Chen & Sai-Ping Li, 2011. "Econophysics: Bridges over a Turbulent Current," Papers 1107.5373, arXiv.org.
- Kakarot-Handtke, Egmont, 2013. "Toolism! A Critique of Econophysics," MPRA Paper 46630, University Library of Munich, Germany.
- Guseo, Renato & Guidolin, Mariangela, 2010. "Cellular Automata with network incubation in information technology diffusion," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(12), pages 2422-2433.
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