<p>Econophysics isn't simply the application of physical laws to economics. It is the application of a particular field of physics,  statistical mechanics, to economic problems.</p>
<p>Statistical mechanics is not a simple subject, it is a relatively recent development of physics<span class="math-container">$^1$</span>, it is based on thermodynamics and calculus of probability.
The articles of econophysics can  be incomprehensible without a specific background of knwoledge of statistical mechanics.</p>
<p>You can try to read this book, Richmond, Mimkes, Hutzler,  <em>Econophysics and</em> <em>Physical Economics,</em>  which is written also by a physicist.  It explains you the basic necessary concepts of statistical mechanics, applied to economics. It should be a reliable book, as it is published by Oxford University Press.</p>
<p><a href="https://www.amazon.it/Econophysics-Physical-Economics-Peter-Richmond/dp/0199674701/ref=sr_1_5?__mk_it_IT=%C3%85M%C3%85%C5%BD%C3%95%C3%91&amp;crid=1LUXCRJGS2GT&amp;keywords=econofisica&amp;qid=1670520612&amp;sprefix=econofisica%2Caps%2C303&amp;sr=8-5#customerReviews" rel="nofollow noreferrer">https://www.amazon.it/Econophysics-Physical-Economics-Peter-Richmond/dp/0199674701/ref=sr_1_5?__mk_it_IT=%C3%85M%C3%85%C5%BD%C3%95%C3%91&amp;crid=1LUXCRJGS2GT&amp;keywords=econofisica&amp;qid=1670520612&amp;sprefix=econofisica%2Caps%2C303&amp;sr=8-5#customerReviews</a></p>
<hr />
<p><span class="math-container">$^1$</span> <sup> The recent italian Nobel Prize for physics Giorgio Parisi is one of the most important scientific authorities in mechanical statistics.</sup></p>

CC BY-SA 4.0
2022-12-08T17:51:44.213Z
2022-12-09T00:11:57.737Z
2022-12-09T00:11:57.737Z
BakerStreet
<p>This is my first post on stack exchange.</p>
<p>I am high school student having good grasp of high school physics concepts.
Recently I heard about econophyics- i.e. application of physics laws  to the economics. I want to understand more about this concept. So I am looking for simple examples that can explain how economists are using physics. Unfortunately the articles that I found are way advance and I am unable to understand.</p>
<p>I seek your help in this regard. Please explain using very simple examples and terms  such as those involving profit, loss, break even point,  demand supply. I also understand probability distributions, gaussian curve, random variables, central limit theorem etc.</p>
<p>Also point me to a reference which is written for general audience in simple language.</p>
<p>Thanks and regards</p>

CC BY-SA 4.0
2022-12-09T11:12:31.460Z
I think you should know that "econophysics" is not about economists using physics but physicists trying to do economics; econophysics is widely rejected by economists.
Michael Greinecker
<econophysics>
Getting started with Econophysics
Yousuf
# Getting started with Econophysics

(Asked by: username_0 on 2022-12-08)

This is my first post on stack exchange.

I am high school student having good grasp of high school physics concepts.
Recently I heard about econophyics- i.e. application of physics laws to the economics. I want to understand more about this concept. So I am looking for simple examples that can explain how economists are using physics. Unfortunately the articles that I found are way advance and I am unable to understand.

I seek your help in this regard. Please explain using very simple examples and terms such as those involving profit, loss, break even point, demand supply. I also understand probability distributions, gaussian curve, random variables, central limit theorem etc.

Also point me to a reference which is written for general audience in simple language.

Thanks and regards

**Tags:** econophysics

> **Comments:**
> **username_1**: I think you should know that "econophysics" is not about economists using physics but physicists trying to do economics; econophysics is widely rejected by economists.  

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## 1 answers

### Answer by username_2 on 2022-12-08. Score: 1

Econophysics isn't simply the application of physical laws to economics. It is the application of a particular field of physics, statistical mechanics, to economic problems.

Statistical mechanics is not a simple subject, it is a relatively recent development of physics$^1$, it is based on thermodynamics and calculus of probability.
The articles of econophysics can be incomprehensible without a specific background of knwoledge of statistical mechanics.

You can try to read this book, Richmond, Mimkes, Hutzler, *Econophysics and* *Physical Economics,* which is written also by a physicist. It explains you the basic necessary concepts of statistical mechanics, applied to economics. It should be a reliable book, as it is published by Oxford University Press.

<https://www.amazon.it/Econophysics-Physical-Economics-Peter-Richmond/dp/0199674701/ref=sr_1_5?__mk_it_IT=%C3%85M%C3%85%C5%BD%C3%95%C3%91&crid=1LUXCRJGS2GT&keywords=econofisica&qid=1670520612&sprefix=econofisica%2Caps%2C303&sr=8-5#customerReviews>

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$^1$  The recent italian Nobel Prize for physics Giorgio Parisi is one of the most important scientific authorities in mechanical statistics.


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