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Economics as Social Physics: Review Article

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  • Walker, D A

Abstract

Professor Philip Mirowski believes that past and present neoclassical economic theory is based upon a faulty apprehension of the nineteenth-century physics concept of energy as a conserved field. He develops this theme in his book More Heat Than Light, arguing that neoclassicism's origins make it invalid, and calling for new economic theory that takes into account the indeterminacy of the physical universe discovered by quantum mechanics and the denial of scarcity implied by relativity theory. It is concluded that Mirowski's theses are untenable; that neoclassical theory has many features that he does not mention; and, accordingly, that sounder judgments of its deficiencies and merits can be formulated. Copyright 1991 by Royal Economic Society.

Suggested Citation

  • Walker, D A, 1991. "Economics as Social Physics: Review Article," Economic Journal, Royal Economic Society, vol. 101(406), pages 615-631, May.
  • Handle: RePEc:ecj:econjl:v:101:y:1991:i:406:p:615-31
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    Cited by:

    1. Luca Lambertini, 2013. "John von Neumann between Physics and Economics: A methodological note," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 5(2), pages 177-189, December.
    2. Poitras, Geoffrey, 2018. "The pre-history of econophysics and the history of economics: Boltzmann versus the marginalists," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 507(C), pages 89-98.

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