K. Staliunas on econophysics

Traditionally it is thought that economics and physics are very different irreconcilable sciences. Physicists sometimes claim that economists are aware only of addition and subtraction, while only very rarely they attempt to use multiplication or even division. Economists on the other hand think that physicists are busy dividing molecules into atoms, create atomic weapons and lasers and are able to fix AC sockets, while having absolutely no understanding in other, nontechnical, fields. Evidently this oversimplified thinking is incorrect - economics and physics have things in many common. And with the time more common things are discovered.

What is common between physics, a precise science about inanimate nature, and economics, a social science considering human interactions in certain scenarios? While it might sound a bit strange at first, but some of the processes in both sciences are very similar! Thus physicists can successfully apply their knowledge and experience to understand, describe, model and forecast various processes in economics. Econophysics is a cognitive science, which attempts to see the reasons behind various economic processes. Physicists are always obsessed with simple equation - why?

These are free translations of the texts published in "Science and life" (lt. "Mokslas ir gyvenimas") journal by prof. Kęstutis Staliūnas [1, 2]. These are few rare texts about econophysics published in Lithuanian language.

Another interesting text is an electronic course material [3] written for the students of Physics Faculty of Vilnius University (the econophysics course was taught there in 2002-2003). This contains broader review of introductory topics to econophysics.

References

• K. Staliunas. Ekonofizika. Mokslas ir gyvenimas 11: S15 (2003).
• K. Staliunas. Ekonofizika. Mokslas ir gyvenimas 3: ??? (2004).
• K. Staliunas. Ekonofizika. Published as elektroninis paskaitų konspektas, 2002.