Standing on the toes of pygmies:
Modern economic theory does not provide a sound foundation on which to build econophysics. Pivotal concepts like utility maximization, perfect competition, and diminishing marginal productivity are empirically and logically flawed. Physicists should not use any of these in econophysics, and should be wary of many other models accepted by economists.
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Volume (Year): 324 (2003)
Issue (Month): 1 ()
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References listed on IDEAS
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.:
- J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
- David F. Midgley & Robert E. Marks & Lee C. Cooper, 1997.
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- Novshek, William., 1983. "Perfectly Competitive Markets as the Limits of Cournot Markets," Working Papers 499, California Institute of Technology, Division of the Humanities and Social Sciences.
- William Novshek, 1980. "Cournot Equilibrium with Free Entry," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 473-486.
- Sippel, Reinhard, 1997. "An Experiment on the Pure Theory of Consumer's Behaviour," Economic Journal, Royal Economic Society, vol. 107(444), pages 1431-1444, September.
- Mas-Colell, Andreu, 1983. "Walrasian equilibria as limits of noncooperative equilibria. Part I: Mixed strategies," Journal of Economic Theory, Elsevier, vol. 30(1), pages 153-170, June. Full references (including those not matched with items on IDEAS)