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Standing on the toes of pygmies:

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  • Keen, Steve

Abstract

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.

Suggested Citation

  • Keen, Steve, 2003. "Standing on the toes of pygmies:," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 324(1), pages 108-116.
  • Handle: RePEc:eee:phsmap:v:324:y:2003:i:1:p:108-116
    DOI: 10.1016/S0378-4371(02)01851-4
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    References listed on IDEAS

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    1. Novshek, William, 1985. "Perfectly competitive markets as the limits of cournot markets," Journal of Economic Theory, Elsevier, vol. 35(1), pages 72-82, February.
    2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    3. William Novshek, 1980. "Cournot Equilibrium with Free Entry," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 473-486.
    4. David F. Midgley & Robert E. Marks & Lee C. Cooper, 1997. "Breeding Competitive Strategies," Management Science, INFORMS, vol. 43(3), pages 257-275, March.
    5. 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.
    6. 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.
    7. Craig Freedman, 1998. "No End to Means: George Stigler’s Profit Motive," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(4), pages 621-648, July.
    8. Paul Downward & Frederic Lee, 2001. "Post Keynesian Pricing Theory “Reconfirmed”? A Critical Review of," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(3), pages 465-483, March.
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    Citations

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    Cited by:

    1. Kemp-Benedict, Eric, 2013. "Resource Return on Investment under Markup Pricing," MPRA Paper 49154, University Library of Munich, Germany.
    2. Gaffeo, E. & Catalano, M. & Clementi, F. & Delli Gatti, D. & Gallegati, M. & Russo, A., 2007. "Reflections on modern macroeconomics: Can we travel along a safer road?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 382(1), pages 89-97.
    3. Stavros Drakopoulos & Ioannis Katselidis, 2015. "From Edgeworth to econophysics: a methodological perspective," Journal of Economic Methodology, Taylor & Francis Journals, vol. 22(1), pages 77-95, March.
    4. Chami Figueira, F. & Moura, N.J. & Ribeiro, M.B., 2011. "The Gompertz–Pareto income distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(4), pages 689-698.
    5. Christophe Schinckus, 2011. "What can econophysics contribute to financial economics?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 58(2), pages 147-163, June.

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