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Econophysics (Making Sense of a Chimera)

Yee, Adrian K. (2021) Econophysics (Making Sense of a Chimera). [Preprint]

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Abstract

The history of economic thought witnessed several prominent economists who took seriously models and concepts in physics for the elucidation and prediction of economic phenomena. Econophysics is an emerging discipline at the intersection of heterodox economics and the physics of complex systems, with practitioners typically engaged in two overlapping but distinct methodological programs. The first is to export mathematical methods used in physics for the purposes of studying economic phenomena. The second is to export mechanisms in physics into economics. A conclusion is drawn that physics transfer is often justified at the level of mathematical transfer but
unjustified at the level of mechanistic transfer.


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Item Type: Preprint
Creators:
CreatorsEmailORCID
Yee, Adrian K.adriankyle.yee@mail.utoronto.ca0000-0002-41709257
Keywords: history of economics; econophysics; philosophy of economics; philosophy of physics; models; mechanisms; model transfer; interdisciplinarity
Subjects: Specific Sciences > Complex Systems
Specific Sciences > Economics
General Issues > Models and Idealization
Specific Sciences > Physics > Statistical Mechanics/Thermodynamics
General Issues > Structure of Theories
Depositing User: Adrian K. Yee
Date Deposited: 03 Sep 2021 12:34
Last Modified: 03 Sep 2021 12:34
Item ID: 19524
Subjects: Specific Sciences > Complex Systems
Specific Sciences > Economics
General Issues > Models and Idealization
Specific Sciences > Physics > Statistical Mechanics/Thermodynamics
General Issues > Structure of Theories
Date: 2021
URI: http://philsci-archive.pitt.edu/id/eprint/19524

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