A small step towards unification of economics and physics

Subhendu Bhattacharyya ()
Additional contact information
Subhendu Bhattacharyya: Life Insurance Corporation of India, Eastern Zonal Office

Mind & Society: Cognitive Studies in Economics and Social Sciences, 2021, vol. 20, issue 1, No 6, 69-84

Abstract: Abstract Unification of natural science and social science is a centuries-old, unmitigated debate. Natural science has a chronological advantage over social science because the latter took time to include many social phenomena in its fold. History of science witnessed quite a number of efforts by social scientists to fit this discipline in a rational if not mathematical framework. On the other hand a tendency among some physicists has been observed especially since the last century to recast a number of social phenomena in the mould of events taking place in physical world and governed by well-known systems and equations of physics. It necessitated the introduction of social physics as a new inter-disciplinary subject. Obviously this attempt is aimed at explaining hitherto unsolved or highly debated issues of social science. Physicists are showing special interest on problems on economics, ranging from some topics of normative economics to the movement of prices of derivatives. Statistics has been widely used in these attempts and at least two sub-disciplines of the subject, namely, stochastic process and time series analysis deserve special mention. All these research activities gave birth to another inter-disciplinary subject named as econophysics. Interestingly, global financial crisis of 2007–08 has revived the need of determination of prices of derivatives in a more accurate manner. This article adumbrates a sketch of the theoretical synthesis between physics and economics and the role played by statistics in this process.

Keywords: Econophysics; Mathematization of economics; Monte Carlo simulation; Social physics; Statistical inference; Stochastic process (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s11299-020-00264-y Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:minsoc:v:20:y:2021:i:1:d:10.1007_s11299-020-00264-y

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/11299

DOI: 10.1007/s11299-020-00264-y

Access Statistics for this article

Mind & Society: Cognitive Studies in Economics and Social Sciences is currently edited by Riccardo Viale

More articles in Mind & Society: Cognitive Studies in Economics and Social Sciences from Springer, Fondazione Rosselli Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().