Abstract:
While economics is a study of social system, physics is a science devoted to unraveling the mysteries of Nature. Econophysics, as the name suggests, is a new science which attempts a marriage of these apparently odd partners. Granted that among the social sciences, economics is definitely the closest relative of natural sciences. Volumes of advanced mathematical literature that dominates the academic world of economics resemble to the fact that sophisticated quantitative techniques form the foundation of most academic work in economics. Nevertheless, until recently, the body of economic literature, in spite of being highly mathematical in its orientation, did not develop its major analytical tools à la physics.
