In economics, econophysics is the subject of applying concepts of physics, such as statistical mechanics, power laws, etc., to problems in economics and markets. The term was introduced in 1995 by American physicist Harry Stanley, at the second Statphys-Kolkata conference in Kolkata (formerly Calcutta), India, to describe the large number of papers written by physicists in the problems of stock markets. [1] The subject, as defined by Stanley, seems to make little use of thermodynamics. [2] Others, however, such as Jurgen Minkes, make use of thermodynamics in the context of this term. [3]

References
1. Goldwater, Richard and Jonath, Arthur. (2009). “Saving Capitalism from Finance: the Power of Thermoeconomics.” 27-pgs. ProfitandEntropy.com.
2. Mantegna, Rosario N. and Stanley, H. E. (2000). An Introduction to Econophysics: Correlations and Complexity in Finance. Cambridge University Press.
3.Mimkes, Jürgen and Aruka, Y. (2005). “Carnot Process of Wealth Distribution” in Econophysics of Wealth Distributions, edited by A. Chatterjee, S. Yarlagadda, B. Chakrabarti. Springer.

External links
● Econophysics – Wikipedia.