Reconstructing Macroeconomics Based on Statistical Physics

Conference paper


We believe that time has come to integrate the new approach based on statistical physics or econophysics into macroeconomics. Toward this goal, there must be more dialogues between physicists and economists. In this paper, we argue that there is no reason why the methods of statistical physics so successful in many fields of natural sciences cannot be usefully applied to macroeconomics that is meant to analyze the macroeconomy comprising a large number of economic agents. It is, in fact, weird to regard the macroeconomy as a homothetic enlargement of the representative micro agent. We trust the bright future of the new approach to macroeconomies based on statistical physics.


Stock Prex Economic Agent Reservation Price Aggregate Demand Representative Agent 
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Copyright information

© Springer 2010

Authors and Affiliations

  1. 1.Department of EconomicsUniversity of CaliforniaLos AngelesUSA

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