ECONOPHYSICS, THERMOECONOMICS AND PHYNANCE

Abstract

Author(s): Sel癟uk BALI

This paper attempts to highlight various economic aspects like econophysics, thermoeconomics and phynance, their meanings, development and various ways through which they are applicable within the economics field. Econophysics signifies a research field which is interdisciplinary in form, applying methods and theories originally build up by physicists for the purpose of offering appropriate solutions to experienced problems within economics, especially those including nonlinear dynamics and stochastic processes or uncertainty. Thermoeconomics has been expressed as biophysical economics, a heterodox economics school which makes use of thermodynamics laws to economic theory. Some economists have viewed thermoeconomics as economic theory which comes up due to thermodynamics laws’ application to economics particularly second law. As statistical physics regarding economic value, thermodynamics handles aspects regarding cost effectiveness. Phynance has been expressed as combination of the various aspects regarding physics and also finance for the purpose of offering appropriate explanations as well as solutions towards experienced financial problems.

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