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Econophysics deserves a revamping

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  • Paolo Magrassi

Abstract

The paper argues that attracting more economists and adopting a more-precise definition of dynamic complexity might help econophysics acquire more attention in the economics community and bring new lymph to economic research. It may be necessary to concentrate less on the applications than on the basics of economic complexity, beginning with expansion and deepening of the study of small systems with few interacting components, while until thus far complexity has been assumed to be a prerogative of complicated systems only. It is possible that without a thorough analysis at that level, the understanding of systems that are at the same time complex and complicated will continue to elude economics and econophysics research altogether. To that purpose, the paper initiates and frames a definition of dynamic complexity grounded on the concept of non-linear dynamical system.

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  • Paolo Magrassi, 2019. "Econophysics deserves a revamping," Papers 1911.05814, arXiv.org, revised Jan 2020.
    • Handle: RePEc:arx:papers:1911.05814
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    References listed on IDEAS

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    1. Begg, David K H, 1984. "Rational Expectations and Bond Pricing: Modelling the Term Structure with and without Certainty Equivalence," Economic Journal, Royal Economic Society, vol. 94(376a), pages 45-58, Supplemen.
    2. Jess Benhabib & Kazuo Nishimura, 2012. "The Hopf Bifurcation and Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 51-73, Springer.
    3. Frederick C. Mills, 1927. "The Behavior of Prices," NBER Books, National Bureau of Economic Research, Inc, number mill27-1, March.
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