Eco - No(?) - Physics - comments and reflexions -

Abstract

How can econophysics contribute to economics? Since the relation between basic principles of physics and economics is not established, there is no reason why physical theories should be of any value for economic theory. While economic theories leave the physicists largely without orientation in this field, econo-physicists should orient themselves at concrete problems from economic practice rather than from economic academics. Thereby physicists should respect the lead of economists. This then also puts physics closer to econometrics. Then the natural strength of physics in dealing with empirical data as the fundamental basis for its research could be valuable for both, theory as well as for applications in economics.