Universal Laws and Economic Phenomena

Gerig, Austin (2011) Universal Laws and Economic Phenomena. Complexity, 17 (1). pp. 9-12.

Abstract

Despite the idiosyncratic behavior of individuals, empirical regularities exist in social and economic systems. These regularities often arise from simple underlying mechanisms which, analogous to the natural sciences, can be expressed as universal principles or laws. In this essay, I discuss the similarities between economic and natural phenomena and argue that it is advantageous for economists to adopt methods from the natural sciences to discover “universal laws” in economic systems.

Item Type: Article
Keywords: Universal laws; Econophysics; Economics; Financial markets
Subject(s): Complexity
Centre: CABDyN Complexity Centre
Date Deposited: 26 Jan 2012 20:52
Last Modified: 23 Oct 2015 14:07
URI: http://eureka.sbs.ox.ac.uk/id/eprint/2724

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