Econophysics is an interdisciplinary field that emerged over the last decades, transferring tools, methods, and modes of reasoning from Statistical Physics and the theory of complex systems to the study of economic phenomena.
This webinar will present how concepts such as power-law distributions, phases and phase transitions, networks, and collective behavior have contributed to a new understanding of financial markets and economic inequality. It will highlight the critique that Econophysics poses to traditional neoclassical models, particularly regarding assumptions of rationality and normality. At the same time, characteristic examples of successful applications will be discussed, along with the limitations and open challenges of this approach. The aim of the talk is to demonstrate that Physics did not merely provide Economics with new mathematical tools, but introduced a fundamentally different scientific way of thinking for the study of complex socioeconomic systems.
Dr. Loukas Zachilas was born in Athens, Hellas, in 1960. He studied Mathematics at the University of Athens and he graduated in 1983. In 1988, he obtained a Ph.D. titled “Numerical and Theoretical study of three dimensional stellar systems” from the Department of Physics, University of Athens.