William Hakes-  IEEE Article Summary I

 

 

1)      “Econophysics: Can Physicists Contribute to the Science of Economics” Computing in Science and Engineering; H Eugene Stanley. Jan-Feb 1999, pp. 74-77.

2)      H Eugene Stanley, Professor of Physics, Boston University.  hes@argento.bu.edu.

3)      Can Physicists Contribute to the Study of Economics?

4)      This article does not fit neatly into any category.  It is essentially a discussion by a physicist about the ways in which the field of Economics can benefit via involvement and study by Physicists.

5)      Some academics, especially economists, might take slight offense at the notion that other disciplines are needed to further the study of the dismal science.  The central issue here is that economics is full of data for complex systems, and that many biases exist in terms of which methods are “proper” to use. These biases influence that view of the data, from a natural view to one that we simply expect to see. It turns out that many of the laws that apply in nature apply in economics- distributions in finance appear strikingly similar to those of the species of birds.  With a little help from physics, and perhaps many other disciplines, perhaps economics can take a giant leap forward in its understanding of the nature of economic interaction.

6)      The article might appeal to both academics and practitioners interested in the study of economics.

7)      I do not see myself as publishing an article such as this- my brain power will only stretch so far!