Are Socio-Econo-Physical Models Better to Explain Biases in Societies?

Abstract

In this work, we review various dynamical models in socio-econo-physics, and discuss their roles in understanding socio-economic biases. We deal with fairness in nations, wealth distributions in nations, elections’ dynamics and tax evasion models. We claim that these models can better explain biases in societies than traditional models of economics from 1700s that are based on various assumptions such as the “invisible hand concept” that justifies interventions from social beneficiaries.