The modern trend for physicists to work on problems in finance and economics began in the early 1990s and has gained momentum ever since. In the past few years, however, this field of 'econophysics' has come in for some strong criticism. Physicists, critics say, have mostly just re-discovered things that others already knew, and failed to build any valuable theory with explanatory power.
Is it true? Has econophysics really degenerated into irrelevance?