Discrete Dynamics in Nature and Society 
Volume 2004 (2004), Issue 1, Pages 213-220
doi:10.1155/S102602260431201X

Economic system dynamics

Joseph L. McCauley1,2 and Cornelia M. Küffner2

 1Department of Physics, University of Houston, Tiefetfeld Street 14, A6632 Ehrwald, Ausrtia, Houston 77204, TX, USA
2Tiefetfeld Street 14, Ehrwald A6632, Austria
Received 4 December 2003

Abstract

We provide here a qualitative summary of the main ideas from econophysics and finance theory, starting with a thorough criticism of the standard ideas taught in typical economics textbooks. The emphasis is on the Galilean or physicists' approach to market dynamics, as opposed to the standard nonempirical postulatory one.