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The conventional economic approaches explore very little about the dynamicsof the economic systems. Since such systems consist of a large number of agentsinteracting nonlinearly they exhibit the properties of a complex system.Therefore the tools of statistical physics and nonlinear dynamics has beenproved to be very useful the underlying dynamics of the system. In this paperwe introduce the concept of the multidisciplinary field of econophysics, aneologism that denotes the activities of Physicists who are working on economicproblems to test a variety of new conceptual approaches deriving from thephysical science and review the recent developments in the discipline andpossible future trends.

Econophysics: A Brief Review of Historical Development, Present Status and Future Trends