A brief guide to econophysics

More from the second edition of the New Palgrave Dictionary of Economics: J. Barkley Rosser, Jr. from James Madison University on Econophysics (Word doc). He concludes his piece thus:

Very likely we shall eventually see the more useful ideas of econophysics coming to be absorbed into economics proper.  As that comes to pass, it may also come to pass that the separate and distinct movement we now know as econophysics will cease to exist and will be forgotten, just as most economists do not think about the physics roots of standard neoclassical economic theory today.

Comments

[Edward Hugh]

"just as most economists do not think about the physics roots of standard neoclassical economic theory today."

Well I do. In fact I think the physics roots are part of the problem, not part of the solution. If luck would have had it that biology had been as much in vogue in the 50s and 60s as it is today I think economic theory would already be looking pretty different.

[Edward Hugh]

I'm in good company it seems. From the Rooser article:

"Nevertheless, there has long been a tradition among economists of advocating drawing more from biology for inspiration than from physics (Hodgson, 1993), going back at least as far as Alfred Marshall’s famous declaration that economics is “a branch of biology broadly interpreted” (Marshall, 1920, p. 637), even as Marshall’s actual analytical apparatus arguably drew more from physics than from biology."

[newport cigarettes]

if i had my life to live over...i would have talked less and listened more.

[Asics Tiger]

You can share some of your article, I'm like you write something, really very good! I will continue to focus on

[MBT Shoes]

Thankyou for a very entertaining and enlightening piece. It definitly opened my eyes to allot of things I had not thought of before.

[Adidas Jeremy Scott]

This is a great post and makes me think of where I can fit in. I do a little bit of everything mentioned here and I guess I have to find my competitive advantage