Econophysics: still fringe after 30 years?

Abstract

It is customary to date the initial foray of physicists into economics to the September 1987 Santa Fe conference on “Economics as a complex evolving system", organised by two famous physicists (Phil Anderson & David Pines) and one famous economist (Ken Arrow). When confronted with the theories of Rational Expectations and Efficient Markets, then at the peak of their glory, Phil Anderson famously quipped: Do you guys really believe that? Many inspiring and insightful ideas were discussed during that conference [1], suggesting a potentially productive cross-fertilisation between economics and the (back then) nascent theory of complex systems.