PL EN


Preferences help
enabled [disable] Abstract
Number of results
2016 | 129 | 5 | 897-907
Article title

Econophysics as a New School of Economic Thought: Twenty Years of Research

Authors
Content
Title variants
Languages of publication
EN
Abstracts
EN
In 2015, the science known as econophysics, which has been developing very quickly in latest years, celebrated its 20th anniversary. Perhaps a 20-year period is too short to evaluate the importance and achievements of econophysics, but the broad scope of research and significance of certain results encouraged me to undertake such an attempt. If societies appreciate efforts by econophysicists, perhaps we will be able to avoid next economic crises and related losses. Econophysics is a transdisciplinary science based on the observation that physical objects and economic objects can share a common theory. Since logical homologies are its foundation, it is an example of the well-known isomorphism principle formulated by Ludwig von Bertalanffy. The emergence of interdisciplinary fields of knowledge is consistent with the paradigm of general systems theory. The development of a given field of knowledge is most often measured by its ability to formulate new knowledge about reality. Progress in research can be spoken of both when the application of traditional methods leads to the discovery of new facts and when new scientific laws are discovered using new methods. Econophysics is an attempt to develop economics through the transfer of research methods and techniques from physics to economics. We are therefore dealing here with a second possibility. The methods of physics most often applied in economics include the theory of stochastic processes, cellular automata and nonlinear dynamics. This study presents the most important existing achievements of econophysics and the attempts to reconcile them with traditional economic knowledge. The accomplishment of a paradigmatic correspondence between econophysics and economics, both in the local and in the global sense, is a prerequisite for using the achievements of the former in economic policy.
Keywords
EN
Year
Volume
129
Issue
5
Pages
897-907
Physical description
Dates
published
2016-05
References
  • [1] T.S. Kuhn, The Structure of Scientific Revolutions, Fundacja Aletheia, Warszawa 2001 (in Polish)
  • [2] T.S. Kuhn, The Essential Tension: Selected Studies in Scientific Tradition and Change, PIW, Warszawa 1985 (in Polish)
  • [3] T.S. Kuhn, The Road Since Structure: Philosophical Essays, 1970-1993, with an Autobiographical Interview, Sic!, Warszawa 2003 (in Polish)
  • [4] P. Hoyningen-Huene, Reconstructing Scientific Revolutions: Thomas S. Kuhn's Philosophy of Science, The University of Chicago Press, Chicago 1993
  • [5] L. von Bertalanffy, General System Theory: Foundations, Development, Applications, PWN, Warszawa 1984 (in Polish)
  • [6] A. Jakimowicz, Nonlin. Dyn. Psychol. Life Sci. 13, 393 (2009)
  • [7] Complexity in Economics, Ed. J.B. Rosser, Vol. 1-3, Edward Elgar Publ., Cheltenham 2004
  • [8] J.B. Rosser, J. Econ. Dyn. Control 31, 3255 (2007), doi: 10.1016/j.jedc.2006.09.013
  • [9] B.K. Chakrabarti, in: Econophysics of Wealth Distributions. Econophys-Kolkata I, Eds. A. Chatterjee, S. Yarlagadda, B.K. Chakrabarti, Springer Science + Business Media, Milan 2005, p. 225, doi: 10.1007/88-470-0389-X
  • [10] R.N. Mantegna, H.E. Stanley, An Introduction to Econophysics: Correlations and Complexity in Finance, Wydawnictwo Naukowe PWN, Warszawa 2001 (in Polish)
  • [11] D.C. Colander, R.P.F. Holt, J.B. Rosser, The Changing Face of Economics: Conversations with Cutting Edge Economists, University of Michigan Press, Ann Arbor 2004
  • [12] V. Pareto, Cours d'économie politique, Vol. 2, in: Oeuvres complètes, Eds. G.-H. Bousquet, G. Busino, Vol. 1, Librairie Droz, Genève 1964, p. 304 (in French)
  • [13] V. Pareto, Manual of Political Economy, Macmillan, London 1971
  • [14] P. Lévy, Calcul des probabilités, Gauthier-Villars, Paris 1925 (in French)
  • [15] B.B. Mandelbrot, The Fractal Geometry of Nature, W.H. Freeman, New York 1982
  • [16] B.B. Mandelbrot, A. Blumen, Proc. R. Soc. Lond. A 423, 3 (1989), doi: 10.1098/rspa.1989.0038
  • [17] B.B. Mandelbrot, in: The Origins of Creativity, Eds. K.H. Pfenninger, V.R. Shubik, Oxford University Press, Oxford 2001, p. 191
  • [18] L. Bachelier, Théorie de la spéculation, in: Annales scientifiques de l'Ecole Normale Supérieure, 3e série, tome 17, Gauthier-Villars, Paris 1900, p. 21 (in French) http://numdam.org/item?id=ASENS_1900_3_17__21_0
  • [19] A. Einstein, 'Über die von der molekularkinetischen Theorie der Wärme geforderte Bewegung von in ruhenden Flüssigkeiten suspendierten Teilchen', in: Annalen der Physik und Chemie, IV Folge, Band 17, p. 549 (1905) (in German), doi: 10.1002/andp.19053220806
  • [20] H. Poincaré, Sur le problème des trois corps et les équations de la dynamique, in: Oeuvres de Henri Poincaré, Vol. VII, Masses fluides en rotation. Principes de mécanique analytique. Problème des trois corps, Gauthier-Villars, Paris 1952, p. 262 (in French)
  • [21] E.N. Lorenz, J. Atmosph. Sci. 20, 130 (1963)
  • [22] T.F. Palander, Instability in Competition between Two Sellers, Abstracts of Papers Presented at the Research Conference on Economics and Statistics held by the Cowles Commission at Colorado College, Colorado College Publications 1936, General Series No. 208, Studies Series No. 21, p. 53
  • [23] T.F. Palander, Ekonomisk Tidskrift 41, 123 (1939) (in Swedish), doi: 10.2307/3437997
  • [23a] T.F. Palander, Ekonomisk Tidskrift 41, 222 (1939) (in Swedish), doi: 10.2307/3438437
  • [24] R.H. Strotz, J.C. McAnulty, J.B. Naines, Econometrica 21, 390 (1953)
  • [25] P.A. Samuelson, Foundations of Economic Analysis, PWN, Warszawa 1959 (in Polish)
  • [26] N. Georgescu-Roegen, in: Beyond Economics, Ed. J. Grosfeld, PIW, Warszawa 1985, p. 230 (in Polish)
  • [27] Z. Rawita Gawroński, Ekonomista 6, 1691 (1958)
  • [28] R.H. Nelson, Economics as Religion: From Samuelson to Chicago and Beyond with a New Epilogue, The Pennsylvania State University Press, University Park 2014
  • [29] S. Sinha, B.K. Chakrabarti, Econ. Polit. Weekly 47, 44 (2012)
  • [30] C. Schinckus, Am. J. Phys. 78, 325 (2010), doi: 10.1119/1.3309424
  • [31] P. Fiedor, A. Hołda, Studia Ekonomiczne 1, 108 (2015) (in Polish) http://issuu.com/inepan/docs/studia_ekonom_1_2015
  • [32] P. Ormerod, Sci. Cult. 76, 345 (2010) http://scienceandculture-isna.org/sept_oct_10/07%20Paul%20Ormerod.pdf
  • [33] J. Miśkiewicz, Sci. Cult. 76, 395 (2010) http://scienceandculture-isna.org/sept_oct_10/16%20Janusz%20Miskiewicz.pdf
  • [34] J. Ouellette, Industr. Phys. 5, 9 (1999)
  • [35] M. Ausloos, Europhys. News 29, 70 (1998), doi: 10.1007/s00770-998-0070-8
  • [36] R.B. Ekelund, R.F. Hébert, Secret Origins of Modern Microeconomics: Dupuit and the Engineers, University of Chicago Press, Chicago 1999
  • [37] A. Marshall, Principles of Economics. An Introductory Volume, Macmillan, London 1947
  • [38] I. Fisher, Mathematical Investigations in the Theory of Value and Prices, Yale University Press, New Haven 1925
  • [39] M. Gell-Mann, The Quark and the Jaguar: Adventures in the Simple and the Complex, CiS, Warszawa 1996 (in Polish)
  • [40] E.D. Beinhocker, Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics, Harvard Business School Press, Boston 2006
  • [41] S. Rasekhi, M. Shahrazi, Int. J. Econ. Manag. Eng. 2, 145 (2012) http://academicpub.org/DownLoadPaper.aspx?paperid=480
  • [42] R. Kutner, D. Grech, Acta Phys. Pol. A 114, 637 (2008), doi: 10.12693/APhysPolA.114.637
  • [43] G. Săvoiu, I. Iorga-Simăn, C. Manea, in: Proc. Int. Conf. of University 'Angel Kanchev', Rousse (Bulgaria), 2009, Vol. 48, p. 91 http://conf.uni-ruse.bg/bg/docs/cp09/6.1/6.1-19.pdf
  • [44] B.K. Chakrabarti, A. Chakraborti, Sci. Cult. 76, 293 (2010) http://arxiv.org/pdf/1010.3401
  • [45] G.L. Vasconcelos, Brazil. J. Phys. 34, 1039 (2004) http://sbfisica.org.br/bjp/files/v34_1039.pdf
  • [46] T. Lux, in: Handbook of Research on Complexity, Ed. J.B. Rosser, Edward Elgar Publ., Cheltenham 2009, p. 213, doi: 10.4337/9781781952665
  • [47] J.V. Andersen, D. Sornette, Europhys. Lett. 70, 697 (2005), doi: 10.1209/epl/i2005-10033-3
  • [48] M. Gallegati, S. Keen, T. Lux, P. Ormerod, Physica A 370, 1 (2006), doi: 10.1016/j.physa.2006.04.029
  • [49] A. Jakimowicz, in: Economic Sciences. Stylized Facts and Contemporary Challenges, Ed. B. Fiedor, PTE, Warszawa 2015, p. 103 (in Polish)
  • [50] I. Ekeland, Chaos, Książnica, Katowice 1999 (in Polish)
  • [51] H.R. Varian, Intermediate Microeconomics: A Modern Approach, Wydawnictwo Naukowe PWN, Warszawa 1995 (in Polish)
  • [52] A. Jakimowicz, Sources of Instability of Market Structures, Wydawnictwo Naukowe PWN, Warszawa 2010 (in Polish)
  • [53] N.H. Packard, in: Dynamic Patterns in Complex Systems, Eds. A.J. Mandell, J.A.S. Kelso, M.F. Shlesinger, World Sci., Singapore 1988, p. 293
  • [54] C.G. Langton, Physica D 42, 12 (1990) http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.227.1164&rep=rep1&type=pdf
  • [55] A. Jakimowicz, Foundations of State Interventionism: Philosophy of Economics History, Wydawnictwo Naukowe PWN, Warszawa 2012 (in Polish)
  • [56] A. Jakimowicz, Studia Ekonomiczne 3, 359 (2013) http://issuu.com/inepan/docs/se_2013_3_kompletny
  • [57] J.L. McCauley, Dynamics of Markets: Econophysics and Finance, Cambridge University Press, Cambridge 2004
  • [58] J.B. Rosser, Nonlin. Dyn. Psychol. Life Sci. 12, 311 (2008)
  • [59] J.B. Rosser, Advs. Complex Syst. 11, 745 (2008), doi: 10.1142/S0219525908001957
  • [60] P.A. Samuelson, in: Proc. Gibbs Symp., Eds. D.G. Caldi, G.D. Mostow, American Mathematical Society, Providence 1990, p. 255
  • [61] J.L. McCauley, Physica A 371, 601 (2006), doi: 10.1016/j.physa.2006.05.043
  • [62] J.L. McCauley, Physica A 237, 387 (1997), doi: 10.1016/S0378-4371(96)00408-6
  • [63] J.D. Farmer, M. Shubik, E. Smith, Phys. Today 58, 37 (2005), doi: 10.1063/1.2117821
  • [64] G. Săvoiu, in: Proc. Int. Conf. on Econophysics, New Economics and Complexity, Bucharest 2009, p. 55 http://enec.ro/proceedings-archive-1/enec-2009?download=207:ENEC%202009
  • [65] B.M. Roehner, Sci. Cult. 76, 305 (2010) http://lpthe.jussieu.fr/ roehner/sccu10.pdf
  • [66] S. Hongbing, The Currency War: The Real Sources of Financial Crises, Wydawnictwo Wektory, Bielany Wrocławskie 2010 (in Polish)
  • [67] S. Hongbing, The Currency War 2: The World Ruled by Money, Wydawnictwo Wektory, Bielany Wrocławskie 2011 (in Polish)
  • [68] C. Schinckus, F. Jovanovic, J. Econ. Methodol. 20, 164 (2013), doi: 10.1080/1350178X.2013.801561
  • [69] F. Jovanovic, C. Schinckus, J. Hist. Econ. Thought 35, 319 (2013), doi: 10.1017/S1053837213000205
  • [70] F. Jovanovic, C. Schinckus, Hist. Polit. Econ. 45, 443 (2013), doi: 10.1215/00182702-2334758
  • [71] D.O. Ledenyov, V.O. Ledenyov, Quantum Macroeconomics Theory, Munich Personal RePEc Archive, Paper No. 65663 (2015) http://mpra.ub.uni-muenchen.de/65663/15/MPRA_paper_65663.pdf
  • [72] E. Trincado, J.M. Vindel, An Application of Econophysics to the History of Economic Thought: The Analysis of Texts from the Frequency of Appearance of Key Words, Kiel Institute for the World Economy, Economics Discussion Papers No. 2015-51 (2015) http://economics-ejournal.org/economics/discussionpapers/2015-51/count
  • [73] Y.-C. Zhang, Europhys. News 29, 51 (1998)
  • [74] J.B. Rosser, in: Proc. Econophys-Kolkata II, Eds. A. Chatterjee, B.K. Chakrabarti, Springer Science + Business Media, Milan 2006, p. 225, doi: 10.1007/978-88-470-0502-0
Document Type
Publication order reference
YADDA identifier
bwmeta1.element.bwnjournal-article-appv129n501kz
Identifiers
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.