Econophysics: From Finance Analysis to the Fate of Mankind

Mikhail Khavinson ()

Spatial Economics=Prostranstvennaya Ekonomika, 2015, issue 1, 144-166

Abstract: This article reviews the key ideas and results of the new interdisciplinary field - econophysics. Econophysics has emerged organically from a new paradigm of inquiry - synergy. The first and most important characteristic of econophysics is its reliance on the phenomenological approach in economic research, which aims to describe a phenomenon’s nature without aspiring to an exhaustive explanation of its mechanics. Econophysics, utilizing the methods of quantum and statistical physics, had predicted national and global crises (the collapse of the Soviet Union, collapses in the Chinese stock market in 2005-2009 and the global financial crisis). Nonlinear dynamic models were used to describe cyclical and complex modes of the dynamics of socio-economic systems (population, city development, trade between countries and so on). Near-term prospects of econophysics are associated with more in-depth study and simulation of the behavior of economic agents, development of the theory of nonlinear dynamics and interdisciplinary interaction. The value of econophysics is in its ability to both produce applicational results and evaluate scenarios of global development and focus on the fate of humanity.

Keywords: ?; econophysics; ?; synergy; ?; theory; of; nonlinear; dynamics; ?; crisis; in; Economics; ?; social; analysis; ?; new; humanitarian; thinking (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2015:i:1:p:144-166

DOI: 10.14530/se.2015.1.144-166

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