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An application of econophysics to the history of economic thought: The analysis of texts from the frequency of appearance of key words

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  • Trincado, Estrella
  • Vindel, José María

Abstract

This article poses a new methodology applying the statistical analysis to the economic literature. This analysis has never been used in the history of economic thought, albeit it may open up new possibilities and provide us with further explanations so as to reconsider theoretical issues. With that purpose in mind, the article applies the intermittency of the turbulence in different economic texts, and specifically in three important authors: William Stanley Jevons, Adam Smith, and Karl Marx.

Suggested Citation

  • Trincado, Estrella & Vindel, José María, 2015. "An application of econophysics to the history of economic thought: The analysis of texts from the frequency of appearance of key words," Economics Discussion Papers 2015-51, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:201551
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    References listed on IDEAS

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    1. McCloskey, Donald N, 1983. "The Rhetoric of Economics," Journal of Economic Literature, American Economic Association, vol. 21(2), pages 481-517, June.
    2. L. Chevillard & B. Castaing & E. Lévêque, 2005. "On the rapid increase of intermittency in the near-dissipation range of fully developed turbulence," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 45(4), pages 561-567, June.
    3. Raja Kali, 2003. "The city as a giant component: a random graph approach to Zipf's law," Applied Economics Letters, Taylor & Francis Journals, vol. 10(11), pages 717-720.
    4. Plerou, Vasiliki & Gopikrishnan, Parameswaran & Rosenow, Bernd & Amaral, Luis A.N. & Stanley, H.Eugene, 2000. "Econophysics: financial time series from a statistical physics point of view," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 279(1), pages 443-456.
    5. T. Lux, 2001. "Turbulence in financial markets: the surprising explanatory power of simple cascade models," Quantitative Finance, Taylor & Francis Journals, vol. 1(6), pages 632-640.
    6. Xavier Gabaix, 1999. "Zipf's Law for Cities: An Explanation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(3), pages 739-767.
    7. T. Di Matteo, 2007. "Multi-scaling in finance," Quantitative Finance, Taylor & Francis Journals, vol. 7(1), pages 21-36.
    8. Vindel, Jose M. & Trincado, Estrella, 2010. "The timing of information transmission in financial markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(24), pages 5749-5758.
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    Cited by:

    1. Ballandonne, Matthieu & Cersosimo, Igor, 2022. "Towards a “Text as Data” Approach in the History of Economics: An Application to Adam Smith’s Classics," OSF Preprints mg3zb, Center for Open Science.

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    More about this item

    Keywords

    econophysics; history of economic thought; bibliometrics; applications of statistical analysis;
    All these keywords.

    JEL classification:

    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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