Economic Science and Econophysics: Main Topics of Dialogue

V. Burlachkov

Voprosy Ekonomiki, 2007, issue 12

Abstract: Application of methods, borrowed from physics, for economic research has not come to discovering scaling laws in economy and financial markets. The absence of such laws is conditioned by the specific character of energetic and information processes in economic system. The peculiarities of energetic and information interconnections should be the main topic of dialogue between economic science and theoretical physics. Econophysical models are based on the law of conservation of energy, whereas self-organization of economic system is provided by the effect of money multiplier. Money is simultaneously a set of interconnections and the most important resource, created by the system itself for its development. The analogue of such phenomenon can be found in quantum mechanics. The peculiarities of energetic and information interconnections in economic system determine fast crash of existing trends and formation of new ones. The economic system is objectively a poorly forecasted sphere of unstable regularities.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2007:id:1685

DOI: 10.32609/0042-8736-2007-12-111-122

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