Econophysics: Bridges over a Turbulent Current Shu-Heng Chena, Sai-Ping Lib aAI-ECON Research Center, Department of Economics, National Chengchi University, Taipei, Taiwan.
[email protected] bInstitute of Physics, Academia Sinica, Taipei, Taiwan.
[email protected] Abstract In this editorial guide for the special issue on econophysics, we give a unique review of this young but quickly growing discipline. A suggestive taxonomy of the development is proposed by making a distinction between classical econophysics and modern econophysics. For each of these two stages of de- velopment, we identify the key economic issues whose formulations and/or treatments have been affected by physics or physicists, which includes value, business fluctuations, economic growth, economic and financial time series, the distribution of economic entities, interactions of economic agents, and economic and social networks. The recent advancements in these issues of modern econophysics are demonstrated by nine articles selected from the pa- pers presented at the Econophysics Colloquium 2010 held at Academia Sinica arXiv:1107.5373v1 [q-fin.GN] 27 Jul 2011 in Taipei. Keywords: Econophysics, Sociophysics, Distribution, Thermodynamics, Statistical Mechanism, Networks Preprint submitted to Elsevier July 28, 2011 1. Introduction Despite their very different ages, physics and economics have been de- veloped and extended along the two sides of the same river for a long time. Crossing the river signifies the efforts made to connect the side of physics with the side of economics, or more generally, the side of the natural sciences and the side of the social sciences. More than one century ago, crossing the river had already started, but over the years, particularly in recent years, the scale and organization of the crossings have changed, from individuals to communities and from traveling to immigrating.