  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 modeling of wealth
distributions in the early 2000's. In later times, it was applied to other
areas like firm dynamics and opinion formation in the society, as well. We have
tried to present the flavour of the several models proposed and their
applications, intentionally leaving out the intricate mathematical and
technical details.
