Econophysics

One of the joy of the Internet is rapidly learning about entirely new things. Via a blog comment here I came across ‘econophysics’, described in a Nature article as:

For the past two decades, some physicists have been trying to apply their ideas and tools to an area that seems a long way from traditional physics. They are exploring the notion that there might be a kind of physics of the economy — an ‘econophysics’, as it has been dubbed1. Last year, some of these econophysicists even went as far as to suggest that economics might be “the next physical science”2.

The major focus seems to be financial markets. An early suggestion of this approach was Laws of Chaos which applied a probabilistic apprach to Marxian value theory but which sank without a trace on the smooth waters of official Marxism, although an interesting critique of econophysics by Steve Keen and others here.

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