Standing on the toes of pygmies

Steve Keen

Physica A: Statistical Mechanics and its Applications, 2003, vol. 324, issue 1, 108-116

Abstract: Modern economic theory does not provide a sound foundation on which to build econophysics. Pivotal concepts like utility maximization, perfect competition, and diminishing marginal productivity are empirically and logically flawed. Physicists should not use any of these in econophysics, and should be wary of many other models accepted by economists.

Keywords: Science and society; Economics; Econophysics; Financial markets; Business and management (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:324:y:2003:i:1:p:108-116

DOI: 10.1016/S0378-4371(02)01851-4

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