  The conventional economic approaches explore very little about the dynamics
of the economic systems. Since such systems consist of a large number of agents
interacting nonlinearly they exhibit the properties of a complex system.
Therefore the tools of statistical physics and nonlinear dynamics has been
proved to be very useful the underlying dynamics of the system. In this paper
we introduce the concept of the multidisciplinary field of econophysics, a
neologism that denotes the activities of Physicists who are working on economic
problems to test a variety of new conceptual approaches deriving from the
physical science and review the recent developments in the discipline and
possible future trends.
