From Newton to the Gravity Model in Economics and Social Sciences

Journal title HISTORY OF ECONOMIC THOUGHT AND POLICY
Author/s Luigi Capoani
Publishing Year 2025 Issue 2025/2
Language English Pages 39 P. 57-95 File size 255 KB
DOI 10.3280/SPE2025-002003
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This paper explores the historical evolution of key scientific and economic paradigms, emphasizing the interconnectedness of physics and economics. Beginning with Newtonian mechanics in the 17th century, it highlights the mechanistic determinism introduced by Newton’s Principia Mathematica (1687), which established a universal framework for understanding natural phenomena. The discussion then shifts to the 19th century, focusing on energetic physics and thermodynamics, with foundational contributions from Carnot, Joule and Clausius. This period marked a shift from purely mechanistic views to the study of energy transformations and the principles of conservation and entropy. Building on these scientific developments, the article examines the rise of neoclassical economics in the late 19th century, as economists like Jevons, Walras and Pareto adapted physical concepts to economic theory, employing analogies such as equilibrium and optimization. Finally, this paper delves into econophysics and socio-physics, highlighting the application of gravity models in economic and social sciences as an example of interdisciplinary integration. Following this historical path, the article underscores the profound influence of physical sciences on the methodological and conceptual foundations of economics.

Keywords: history of economics, econophysics, deterministic approach, economic equilibrium, gravity model

Jel codes: A12, B1, B13, F10, C01, O00

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Luigi Capoani, From Newton to the Gravity Model in Economics and Social Sciences in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 2/2025, pp 57-95, DOI: 10.3280/SPE2025-002003