Duality of knowledge, singularity of method: The case of econophysics and J.S. Mill’s notion of emergence

Christophe Schinckus and Cinla Akdere
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Christophe Schinckus: International University HCMC [Vietnam] - International University
Cinla Akdere: PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne, METU - Middle East Technical University [Ankara]

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Abstract: Purpose How a micro-founded discipline such as economics could deal with the increasing global economic reality? This question has been asked frequently since the last economic crisis that appeared in 2008. In this challenging context, some commentators have turned their attention to a new area of knowledge coming from physics: econophysics which mainly focuses on a macro-analysis of economic systems. By showing that concepts used by econophysicists are consistent with an existing economic knowledge (developed by J.S. Mill), the purpose of this paper is to claim that an interdisciplinary perspective is possible between these two communities. Design/methodology/approach The authors propose a historical and conceptual analysis of the key concept of emergence to emphasize the potential bridge between econophysics and economics. Findings Six methodological arguments will be developed in order to show the existence of conceptual bridges as a necessary condition for the elaboration of a common language between economists and econophysics which would not be superfluous, in this challenging context, to clarify the growing complexity of economic phenomena. Originality/value Although the economics and econophysics study same the complex economic phenomena, very few collaborations exist between them. This paper paves a conceptual/methodological path for more collaboration between the two fields.

Keywords: Methodology; Complexity; Econophysics; J.S. Mill (search for similar items in EconPapers)
Date: 2018-07-16
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Published in Journal of Asian Business and Economic Studies, 2018, 25 (1), pp.163-184. ⟨10.1108/JABES-05-2018-0010⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04012400

DOI: 10.1108/JABES-05-2018-0010

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