Econophysics & Heterodox economics - Unionpedia, the concept map

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Difference between Econophysics and Heterodox economics

Econophysics vs. Heterodox economics

Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.

Complexity economics

Complexity economics is the application of complexity science to the problems of economics.

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Economics

Economics is a social science that studies the production, distribution, and consumption of goods and services.

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Econophysics

Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.

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Kinetic exchange models of markets

Kinetic exchange models are multi-agent dynamic models inspired by the statistical physics of energy distribution, which try to explain the robust and universal features of income/wealth distributions.

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Neoclassical economics

Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model.

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Thermoeconomics

Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory.

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Utility

In economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world.

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