Evolution of Econophysics

Abstract

Econophysics is a transdisciplinary research field, in which laws, theories, methods of physics are applied to economics. The term “econophysics” was coined by H. Eugene Stanley in 1995 in Kolkata. Before the term ‘Econophysics’ was coined many people from different branches of science had worked and applied their knowledge in the field of economics leading to evolution of econophysics. We can divide the evolution of econophysics into three different parts, such as (a) Pre-Classical era—the period before a systematic Physics started with Newton and much before the development of social science, (b) Classical era—from Newton dealing with the jump and bridging the gap(?) between the science and social science and (c) Modern era—‘Institutionalised econophysics’ after the name ‘Econophysics’ was coined. I have attempted to bring out the work of philosophers and scientists from different fields and from different ages, which has lead to the present day ‘Econophysics’. Besides, contribution of different institutions, role of journals and books for development of ‘Econophysics’ has also been discussed. Opinion of people interested in the subject has also been expressed in the form of there replies to some specific questions.