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Econophysics: From Finance Analysis to the Fate of Mankind

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  • Mikhail Yuryevich Khavinson

    (Institute of Complex Analysis of Regional Problems FEB RAS)

Abstract

This article reviews the key ideas and results of the new interdisciplinary field - econophysics. Econophysics has emerged organically from a new paradigm of inquiry - synergy. The first and most important characteristic of econophysics is its reliance on the phenomenological approach in economic research, which aims to describe a phenomenon’s nature without aspiring to an exhaustive explanation of its mechanics. Econophysics, utilizing the methods of quantum and statistical physics, had predicted national and global crises (the collapse of the Soviet Union, collapses in the Chinese stock market in 2005-2009 and the global financial crisis). Nonlinear dynamic models were used to describe cyclical and complex modes of the dynamics of socio-economic systems (population, city development, trade between countries and so on). Near-term prospects of econophysics are associated with more in-depth study and simulation of the behavior of economic agents, development of the theory of nonlinear dynamics and interdisciplinary interaction. The value of econophysics is in its ability to both produce applicational results and evaluate scenarios of global development and focus on the fate of humanity.

Suggested Citation

  • Mikhail Yuryevich Khavinson, 2015. "Econophysics: From Finance Analysis to the Fate of Mankind," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 1, pages 144-166.
    • Handle: RePEc:far:spaeco:y:2015:i:1:p:144-166
    DOI: 10.14530/se.2015.1.144-166
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