Trading Old for New: Econobiology and Econophysics as Explanatory Frameworks of Current Financial System

Ursu Iuliana Maria () and Bilti Raluca Simina ()
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Ursu Iuliana Maria: West University of Timisoara, Timisoara, Romania
Bilti Raluca Simina: West University of Timisoara, Timisoara, Romania

Journal of Heterodox Economics, 2016, vol. 3, issue 2, 63-73

Abstract: The present study aim is to deliver a succinct overview of the existing literature concerning economic systems, and in particular financial systemsfrom the Econobiology, or the “evolutionary economics” perspective, mainly treated within the Adaptive Market Hypothesis, and the Econophysics perspective.In the heterodox frame, both the A.M.H. and the Econophysics are trying to explain the complexity of financial markets from a „bottom up” perspective, hence „macroscopic” properties are viewed as the result of interactions at the level of the ‘microscopic’ constituents (Rickles, 2011, p.531-565). Given the expanded level of information we can access nowadays, we consider that an important attention should be given to the inclusion of both perspectives as explanatory frameworks of the financial markets.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:joheec:v:3:y:2016:i:2:p:63-73:n:1

DOI: 10.1515/jheec-2016-0004

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