From Newton’s Laws to Walras’ Equilibrium: A Historical Perspective on Determinism in Economics and Social Sciences

Focusing on a specific interaction between physics and economics, this study delves into the realm of econophysics and investigates the birth, evolution, and practical applications of this interdisciplinary field. This study explores the influence of Newton’s laws, the concept of gravity, and, more generally, mechanical physics on the development of economic thought. It examines the application of Newtonian principles in interpreting economic dynamics, with a particular focus on the contributions of neoclassical economists and Isard’s gravitational model, offering insights into the intricate dynamics of economic equilibrium in complex systems. Finally, these concepts are situated within the broader debate between determinism and indeterminism in the social sciences.