Econophysics An Emerging Discipline – Sitabhra Sinha, Bikas K Chakrabarti



Contemporary mainstream economics has become  concerned less with describing reality than with an  idealised version of the world. However, reality refuses to  bend to the desire for theoretical elegance that an  economist demands from his model. Modelling itself on  mathematics, mainstream economics is primarily  deductive and based on axiomatic foundations.  Econophysics seeks to be inductive, to be an empirically  founded science based on observations, with the tools  of mathematics and logic used to identify and establish  relations among these observations. Econophysics does  not strive to reinterpret empirical data to conform to a  theorist’s expectations, but describes the mechanisms  by which economic systems actually evolve over time

 

FOR MORE READING..

Print Friendly
 

About the author

More posts by

 

0 Comments

You can be the first one to leave a comment.

Leave a Comment

 




 


+ 9 = eleven

 

Prof.K.Nageshwar
Chief Editor

K.Srilaxmi
Executive Editor


Latest News Updates Globe FaceBook FaceBook check pr
Google Groups
Subscribe to indiacurrentaffairs
Email:
Visit Indiacurrentaffairs group
 

వార్తలూ వ్యాఖ్యలూ

 
telugufirst