Discrete Dynamics in Nature and Society
Volume 2004 (2004), Issue 1, Pages 213-220
Economic system dynamics
1Department of Physics, University of Houston, Tiefetfeld Street 14, A6632 Ehrwald, Ausrtia, Houston 77204, TX, USA
2Tiefetfeld Street 14, Ehrwald A6632, Austria
Received 4 December 2003
Copyright © 2004 Joseph L. McCauley and Cornelia M. Küffner. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
We provide here a qualitative summary of the main ideas from
econophysics and finance theory, starting with a thorough
criticism of the standard ideas taught in typical economics
textbooks. The emphasis is on the Galilean or physicists'
approach to market dynamics, as opposed to the standard
nonempirical postulatory one.