Abstract:
Econophysics: Background and Applications in Economics, Finance, and Sociophysics is a collection of 10 chapters by six different contributors. The first part of the book consisting of two chapters lays down the philosophy of econophysics. Both economics and physics employ reductionist thinking. However, there are fundamental differences in their approach which is highlighted in the first chapter. Economists are largely concerned about positing a model of human behaviour focusing primarily on its rational aspect; physicists occupy themselves with describing the natural phenomena in empirical terms. In this background, history of econophysics is extension of physicists’ attempt towards gaining understanding of human economic henomena...
