A depiction of "toolism" method of modern econophysicists according to German economist Egmont Kakarot-Handtke. [2] |
“Whereas the simple Curie-Weiss mean-field approximation for homogenous systems is well known and accounts for interesting collective effects, its heterogeneous counterpart is far subtler and has only been worked out in detail in the last few years. It is a safe bet to predict that this powerful analytical tool will find many natural application in economics and social sciences in the years to come.”
“When concepts are transferred from physics to social sciences, the underlying analogy is often unsound, but by systematic analysis, the analogy can be made sound, and the increased understanding thus achieved can create powerful tools and concepts which are adequate for their new employment. Though part of the study may proceed through analogy, in the end the analogy must be thrown away.”— Alan Wilson (1969), “Notes on Some Concepts in Social Physics” [3]