Theoretical Economics Letters, 2018, 8, 609-625
http://www.scirp.org/journal/tel
ISSN Online: 2162-2086
ISSN Print: 2162-2078
DOI: 10.4236/tel.2018.83042 Feb. 26, 2018 609 Theoretical Economics Letters
Toward a Unifying Perspective on Economic
Complexity: The Contribution of Chinese
Econophysics Community
Christophe Schinckus
Department of Economics and Finance, RMIT University Vietnam, Ho Chi Minh, Vietnam
Abstract
Recent years have witnessed a series of economic problems and financial cri-
ses, the recent subprime debacle being one of the worst. All these events called
traditional economics into question and new perspectives have been devel-
oped to take into account the complexity of economic systems. This essay
aims at contributing to a better understanding of a new trend labeled econo-
physics through two points: 1) a discussion on the conceptual links between
statistical econophysics and agent-based econophysics; and 2) an overview of
works dealing with these links that interestingly, emphasize the importance of
econophysics in China.
Keywords
Econophysics, Statistical Physics, Economics, Modelling of Complexity
1. The Necessity of a Scientific Revolution
Recent years have witnessed a series of economic problems and financial crises,
the recent sub-prime debacle being one of the worst. All these events called tra-
ditional approach in economics into question and new perspectives have been
developed in the literature in order to take into account the complexity of eco-
nomic systems. Economics enters in a period of reflection and several scholars
(Bouchaud, Farmer, Foley) wrote that “economy needs a scientific revolution”
[1]. Several paths have been investigated, econophysics being one of the most
important ones. Interestingly, the label econophysics often refers to a diversity of
works from statistical physics to agent-based modelling [2] and the question is
whether these approaches are compatible. How can such combination contribute
to the scientific revolution evoked earlier? The article published in Nature by
How to cite this paper: Schinckus, C.
(2018) Toward a Unifying Perspective on
Economic Complexity: The Contribution of
Chinese Econophysics Community. Theoret-
ical Economics Letters, 8, 609-625.
https://doi.org/10.4236/tel.2018.83042
Received: December 21, 2017
Accepted: February 23, 2018
Published: February 26, 2018
Copyright © 2018 by author and
Scientific Research Publishing Inc.
This work is licensed under the Creative
Commons Attribution International
License (CC BY 4.0).
http://creativecommons.org/licenses/by/4.0/
Open Access