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
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- 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.
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- Paul Downward & Frederic Lee, 2001. "Post Keynesian Pricing Theory "Reconfirmed"? A Critical Review of "Asking about Prices"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(3), pages 465-483, April.
- Sippel, Reinhard, 1997. "An Experiment on the Pure Theory of Consumer's Behaviour," Economic Journal, Royal Economic Society, vol. 107(444), pages 1431-44, September.
- William Novshek, 1980. "Cournot Equilibrium with Free Entry," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 473-486.
- David F. Midgley & Robert E. Marks & Lee C. Cooper, 1997.
"Breeding Competitive Strategies,"
INFORMS, vol. 43(3), pages 257-275, March.
- Craig Freedman, 1998. "No End to Means: George Stigler's Profit Motive," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 20(4), pages 621-648, July.
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