Abstract
Econophysics has produced innovative and empirically relevant results in at least four areas of research: financial markets, growth and distribution of firms and countries, the distribution of income and wealth, and contagion, robustness and resilience of networks. All these results are inexplicable by the actual mainstream economic model. Yet econophysics requires not only a new economy, but also a “new” physics, which is based on non-ergodicity, on social dynamics whose elementary constituents are heterogeneous interacting social agents linked by networks.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
P.W. Anderson, More is different, Sci. Ser. 177, 393 (1972)
O.J. Blanchard, The State of Macro, NBER Working Paper No. 14259, 2008
F. Capra, U. Mattei, The Ecology of Law (Berrett-Koehler, 2015)
M. Gallegati, S. Keen, T. Lux, P. Ormerod, Physica A 370, 1 (2006)
M. Gallegati, The Economy of the Hamster (World Economic Association, Bristol, 2015)
S.J. Gould, N. Eldredge, Paleobiology 3, 115 (1977)
J.M. Keynes, A Treatise on Probability (Macmillan, 1921)
F.H. Knight, Risk, Uncertainty and Profit (Hart, Schaffner & Marx; Houghton Mifflin Company, Boston, 1921)
R.E. Lucas Jr, Am. Econ. Rev. 93, 1 (2003)
G. Nicolis., I. Prigogine, Self-organization in Nonequilibrium Systems (Wiley, New York, 1977)
G. Palomba, Fisica Economica (Economic Physics, 1959)
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
About this article
Cite this article
Gallegati, M. Beyond econophysics (not to mention mainstream economics). Eur. Phys. J. Spec. Top. 225, 3179–3185 (2016). https://doi.org/10.1140/epjst/e2016-60105-6
Received:
Revised:
Published:
Issue Date:
DOI: https://doi.org/10.1140/epjst/e2016-60105-6