Friday, August 12, 2016

ECONOMICS AND PHYSICS ARE NOT THE SAME

I received notification of this most interesting paper this morning but apart from the Abstract the text  is in Spanish. ...
Abstract:
http://www.fcenew.unal.edu.co/publicaciones/index.php?option=com_content&view=article&id=356:98-economics-and-physics-a-forgotten-discussion&catid=44:econografos-escuela-de-economia

ECONOMICS AND PHYSICS: A FORGOTTEN DISCUSSION

Camilo Andrés Mayorquín1

Abstract
This paper has the objective of reviewing some of the key aspects that involve the association between physics and economics. It also invites to considerate the history behind the neoclassical model and how its physical origin is not well known. It is curious to see the close relation between these two sciences, but it is also curious how this could lead to misinterpretations and beliefs of economics being dependent on physics, which clearly is not the case.
Keywords: Economics, physics, history, neoclassical, misinterpretation.
JEL Classification: B16, B23, B49

Comment
I agree with its theme and have long been suspicious of the use of mathematics (but not statistics) in seeking insight into how economies operate. While atoms and physical forces are suitable for mathematical treatment, peoples' behaviours in economies are not.
I used to teach a class: Mathematics for Innumerate  Economists (published as a short book  by Duckworth, London), which was a modest success. However, I moved to Edinburgh Business School, leaving economics behind in favour of negotiation workshops and consultancy - from an early idea of Adam Smith on exchange (Wealth of Nations, vol 1, chapter 2).


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