Toolism! A Critique of Econophysics
AbstractEconomists are fond of the physicists’ powerful tools. As a popular mindset Toolism is as old as economics but the transplants failed to produce the same successes as in their aboriginal environment. Economists therefore looked more and more to the math department for inspiration. Now the tide turns again. The ongoing crisis discredits standard economics and offers the chance for a comeback. Modern econophysics commands the most powerful tools and argues that there are many occasions for their application. The present paper argues that it is not a change of tools that is most urgently needed but a paradigm change.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 46630.
Date of creation: 30 Apr 2013
Date of revision:
new framework of concepts; structure-centric; axiom set; paradigm; income; profit; money; invariance principle;
Find related papers by JEL classification:
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
- B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-05-05 (All new papers)
- NEP-HME-2013-05-05 (Heterodox Microeconomics)
- NEP-HPE-2013-05-05 (History & Philosophy of Economics)
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