Related papers: Response to Worrying Trends in Econophysics
In the presence of model risk, it is well-established to replace classical expected values by worst-case expectations over all models within a fixed radius from a given reference model. This is the "robustness" approach. We show that…
Economic Complexity (EC) methods have gained increasing popularity across fields and disciplines. In particular, the EC toolbox has proved particularly promising in the study of complex and interrelated phenomena, such as the transition…
We conduct a sensitivity analysis of a new type of integrated climate-economic model recently proposed in the literature, where the core economic component is based on the Goodwin-Keen dynamics instead of a neoclassical growth model.…
We discuss here researches on econophysics done from India in the last two decades. The term `econophysics' was formally coined in India (Kolkata) in 1995. Since then many research papers, books, reviews, etc. have been written by…
Laymen and sometimes even physicists think of natural sciences, in particular of theoretical and mathematical physics often as subjects, which unfold according to an intrinsic logical pattern, with the limitations being set only by the…
Paul Anglin criticised our analysis of the neoclassical theory of the firm, but makes a number of incorrect assertions about our assumptions. We correct these misunderstandings, but acknowledge that one criticism he makes is correct. We…
We analyze the current trends in higher education and discuss its impact on physics enrollment in US institutions. The pandemic, lockdowns, unemployment, and healthcare problems have led to unique social and economic conditions. These…
In recent work, Nina Emery has defended the view that, in the context of naturalistic metaphysics, one should maintain the same epistemic attitude towards science and metaphysics. That is, naturalists who are scientific realists ought to be…
Seventy-nine physical problems are listed and explained with whose proposed solutions I do not agree. Such disagreements -- even though some of them may simply reflect our preliminary insight into the laws of nature -- have occasionally…
The aim of this study is to contribute to the theory of exogenous economic shocks and their equivalents in an attempt to explain business cycle fluctuations, which still do not have a clear explanation. To this end the author has developed…
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…
In an informal way, a number of thoughts on the financial crisis 2008 are presented from a physicist's viewpoint, considering the problem as a nonergodicity transition of a spin-glass type of system. Some tentative suggestions concerning…
Communicating new scientific discoveries is key to human progress. Yet, this endeavor is hindered by monetary restrictions for publishing one's findings and accessing other scientists' reports. This process is further exacerbated by a large…
This is an essay solicited by Europhysics News, published in its March/April 1998 issue with slight modifications. We outline some highlights of the econophysics models, especially the so-called Minority model of competition and evolution.…
We briefly review some of the scientific challenges and epistemological issues related to climate science. We discuss the formulation and testing of theories and numerical models, which, given the presence of unavoidable uncertainties in…
I present briefly some facts about nonequilibrium renormalized perturbation theory, correcting recent misleading statements in [E. Mu\~noz, F. Zamani, L. Merker, T. A. Costi, and S. Kirchner, Journal of Physics: Conf. Series 807, 092001…
The last twenty-five years have seen the development of a significant literature within the subfield of econophysics which attempts to model economic inequality as an emergent property of stochastic interactions among ensembles of agents.…
We argue that most advances in science and technology during the past and the present centuries rely on modern physics concepts developed in the early $20$th century. The reliance is so profound that any improvement of literacy of science…
The article examines how institutions, automation, unemployment and income distribution interact in the context of a neoclassical growth model where profits are interpreted as a surplus over costs of production. Adjusting the model to the…
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…