Definition: Econophysics is a field that attempts to apply the methodology of physics to the study of economics. Among the goals is to apply a more precise empirical methodology, which will not include the biases that are perceived in many classical economic theories. The major methodological tools from physics that are most useful in this interdisciplinary field are the statistical physics methods of studying systems that include a high degree of uncertainty, such as nonlinear dynamics and chaos theory.
The field's roots are dated back to a 1987 conference of physicists and economists at the Santa Fe Institute. The term "econophysics" was coined in 1995 by the Boston physicist H. Eugene Stanley.
