Economics made simple with physics models
Tuesday, January 3, 2017 - 14:01
in Mathematics & Economics
Both physical and economic phenomena may possess universal features that could be uncovered using the tools of physics. The principal difference is that in economic systems -- unlike physical ones -- current actions may be influenced by the perception of future events. The latest issue of EPJ Special Topics examines the question as to whether econophysics, a physics-based approach to understanding economic phenomena, is more useful and desirable than conventional economics theories.