Related papers: Econophysics: historical perspectives
Classic economic science is reaching the limits of its explanatory powers. Complexity science uses an increasingly larger set of different methods to analyze physical, biological, cultural, social, and economic factors, providing a broader…
Life is characterized by a myriad of complex dynamic processes allowing organisms to grow, reproduce, and evolve. Physical approaches for describing systems out of thermodynamic equilibrium have been increasingly applied to living systems,…
Social physics is the application of ideas, concepts and tools from physics to study social phenomena. In this article, we present a mechanical theory underlying a mathematical treatment of social physics. We explore the possibility of…
An axiomatic approach to macroeconomics based on the mathematical structure of thermodynamics is presented. It deduces relations between aggregate properties of an economy, concerning quantities and flows of goods and money, prices and the…
This article reviews the recent advances in the uniqueness and multiplicity of competitive equilibria in models arising in mathematical economics, finance, macroeconomics, and trade.
Modern physics has demonstrated that matter behaves very differently as it approaches the speed of light. This paper explores the implications of modern physics to the operation and regulation of financial markets. Information cannot move…
Oscillations are observed in all branches of science and culture, ranging from the behavior of ele-mentary particles, atoms, molecules in simple chemical or physical systems or even in complex organisms, up to oscillations of the behavior…
The applications of techniques from statistical (and classical) mechanics to model interesting problems in economics and finance has produced valuable results. The principal movement which has steered this research direction is known under…
It is a quite common view among people, that are not aware of the developments in modern physics, that it is part of human nature to substitute religious faith in places where there is no knowledge. Therefore, an increase in knowledge would…
In the last 175 years, the physical understanding of nature has seen a revolutionary change. Until about 1850, Newton's theory and the mechanical world view derived from it provided the dominant view of the physical world, later…
This Chapter is written for the Festschrift celebrating the 70th birthday of the distinguished economist Duncan Foley from the New School for Social Research in New York. This Chapter reviews applications of statistical physics methods,…
In this paper, we try to answer two questions about any given scientific discipline: First, how important is each subfield and second, how does a specific subfield influence other subfields? We modify the well-known open-system Leontief…
The boundaries between physical and social networks have narrowed with the advent of the Internet and its pervasive platforms. This has given rise to a complex adaptive information ecosystem where individuals and machines compete for…
Quantum thermodynamics is an emerging research field aiming to extend standard thermodynamics and non-equilibrium statistical physics to ensembles of sizes well below the thermodynamic limit, in non-equilibrium situations, and with the full…
In the past decade, the importance of dissipation and fluctuation to inflationary dynamics has been realized and has led to a new picture of inflation called warm inflation. Although these phenomena are common to condensed matter systems,…
Mounting evidences are being gathered suggesting that income and wealth distribution in various countries or societies follow a robust pattern, close to the Gibbs distribution of energy in an ideal gas in equilibrium, but also deviating…
If wealthier people have advantages in having higher returns than poor, inequality will unequivocally increase, but is equal opportunity enough to prevent it? According to several models in economics and econophysics, no. They all display…
This editorial opens the special issues that the Journal of Statistical Physics has dedicated to the growing field of statistical physics modeling of social dynamics. The issues include contributions from physicists and social scientists,…
In a series of papers, Ole Peters and his collaborators claim that the 'conceptual basis of mainstream economic theory' is 'flawed' and that the approach they call 'ergodicity economics' gives 'reason to hope for a future economic science…
We describe, at the microscopic level, the dynamics of N interacting components where the probability is very small when N is large that a given component interact more than once, directly or indirectly, up to time t, with any other…