Eco -no(?) -physics -comments and Reflexions

How can econophysics contribute to economics? Since the relation between basic principles of physics and economics is not established, there is no reason why physical theories should be of any value for economic theory. While economic theories leave the physicists largely without orientation in this field, econo-physicists should orient themselves at concrete problems from economic practice rather than from economic academics. Thereby physicists should respect the lead of economists. This then also puts physics closer to econometrics. Then the natural strength of physics in dealing with empirical data as the fundamental basis for its research could be valuable for both, theory as well as for applications in economics. The term Econophysics was coined by E. Stanley to give a name to a recently born academic area whose concern is to apply methods and tools from statistical physics, particularly the more general theory of multi particle systems, and the theory of complex systems to economic data, including non-equilibrium concepts due to turbulence and multifractality. Typical objects of econophysics are statistical properties of price fluctuations, correlations, or the scaling behavior of distributions. Main emphasis is on empirical data. ”A new field econophysics opened with the expectations that the proven methods of the physical sciences and the newly born science of complex systems could be applied with benefit to economics. .. ; while the scope of classical econometrics is limited to dynamical models of time series, econophysics uses all tools of statistical physics and complex systems analysis, Contact address: [email protected]