Kinetic Exchange Models in Economics and Sociology

In this article, we briefly review the different aspects and applications of kinetic exchange models in economics and sociology. Our main aim is to show in what manner the kinetic exchange models for closed economic systems were inspired by the kinetic theory of gas molecules. The simple yet powerful framework of kinetic theory, first proposed in 1738, led to the successful development of statistical physics of gases towards the end of the 19th century. This framework was successfully adapted to...