Econophysics - related Remarks in Considering the Necessity of a Distribution Adjustment in the Eurozone Real Economy and Re-modeling its Financial System and Markets. Thermodynamics and Statistical Physics Approach

Cristian Valeriu Stanciu (), Cristi Spulbar () and Sabin Rizescu ()
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Cristian Valeriu Stanciu: University of Craiova, Faculty of Economics and Business Administration, Craiova, Romania
Sabin Rizescu: University of Craiova, Faculty of Mechanics, Craiova, Romania

Journal of Knowledge Management, Economics and Information Technology, 2012, vol. 2, issue 1, 9

Abstract: The term “Econophysics” was used for the first time by Eugene Stanley (physicist) in 1995 and represents the name of a rather new research domain that tries to apply the modeling standards in statistical physics to the more complicated world of economics and finance. This approach seems to be kind of appropriate and that because Economics is about people and refers to individuals. In this kind of respect we have to say that in a certain economic environment there are a lot of individuals existing, working and making commerce, so they may very much be assimilated with a system composed of a really big number of “particles” and obey to the same mathematical laws used to describe the time-behavior of such a system. In this article we use thermodinamics and statistical physics approach to describe some economic processes.

Keywords: econophysics; thermodynamics principles; GDP; money; central banks (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:spp:jkmeit:1249

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