Physics Envy

Physics envy is a critical label for the tendency of economists, and other social scientists, to imitate physics by building precise mathematical models and seeking fixed laws, even though people's behaviour changes and cannot be measured as exactly as particles. The use and limits of such models are explained on the Economic Model page.

Critics point to models that assumed calm, normally distributed markets before the 2008 financial crisis; defenders reply that maths keeps arguments clear and testable through econometrics.