Imagine that I am a poorly informed war journalist, sending back woefully
incomplete field reports from a battle of which I must only witness parts.
As an embedded reporter in a physics platoon, I surmise that “operation
econophysics” is a assault on the holy land of the social sciences by the
underemployed mercenary crusaders of the hard sciences. The
statistical cavalry seems to have split off into a separate attack, and the
denizens of the Holy Land don’t seem to regard it as the war of the
liberation that my colleagues claim it is, but the troops seem resolute.
Things to discuss here - what do econometricians, who do statistics, have to
do with with the statistical physicists of economics, who don’t seem to
despite the name.
Mauro Gallegati, Steve Keen, Paul Ormerod. 2006. Worrying trends in
econophysics. Physica A. (Online)
(“Our concerns are fourfold. First, a lack of awareness of work that has
been done within economics itself. Second, resistance to more rigorous and
robust statistical methodology. Third, the belief that universal empirical
regularities can be found in many areas of economic activity. Fourth, the
theoretical models which are being used to explain empirical phenomena...”
...are based on spurious conservation laws. Point 2 is about lack of stats
knowledge and power law witch hunts.)
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