The European Physical Journal Special Topics

, Volume 225, Issue 17, pp 3115–3119

Absence of economic and social constants

Regular Article

DOI: 10.1140/epjst/e2016-60176-3

Cite this article as:
Chakrabarti, A.S. & Lahkar, R. Eur. Phys. J. Spec. Top. (2016) 225: 3115. doi:10.1140/epjst/e2016-60176-3
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Part of the following topical collections:
  1. Discussion and Debate: Can Economics be a Physical Science?

Abstract

In this article, we discuss the possibility of economics as a discipline emulating the success of hard sciences. In our view, a fundamental obstacle arises from the fact that economics does not have (m)any stable and robust laws governing economic systems that hold true irrespective of the source of data. One possible but untested way to introduce some of the evolving features of large scale economic systems, e.g. out-of-equilibrium dynamics and finite rationality, is evolutionary game theory.

Copyright information

© EDP Sciences and Springer 2016

Authors and Affiliations

  1. 1.Economics area, Indian Institute of ManagementAhmedabadIndia
  2. 2.School of Economics, Ashoka UniversityKundliIndia