Economics and Physics

Alan Kirman: … “As somebody said we went  through the twentieth century developing and perfecting a model based on nineteenth century  physics, perhaps in the twenty first century we could move on to a model based on twentieth  century physics. But as Paul Krugman has pointed out the vested interests are strong and to ask economists to take up a new set of tools is probably asking too much. To discard equilibrium in the standared sense and to move on to study out of equilibrium dynamics is surely the right way to proceed but is perhaps too big a step for economics at the present time”… (“The Economic Crisis is a Crisis for Economic Theory”)

link: http://www.cesifogroup.de/portal/page/portal/CFP_CONF/CFP_CONF_2009/Conf-es09-Illing/Papers/es09_Kirman.pdf

 

Articles:

A physical analogue of the Schelling model (Alan Kirman and Dejan Vinkovic, 2006)

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