Cosma Shalizi has written a detailed posting on what’s wrong with econophysics. Econophysics is the application of certain ideas that have been influential in physics in recent years — power laws, phase transitions, nonlinear dynamics — to finance and economics. Econophysics articles are generally published in physics journals, and have not had much of an impact on economics as practiced in economics departments. If you love statistical mechanics, and you think it explains everything, then econophysics is the area for you.
Cosma also includes a section on what’s wrong with economics, because he intends on dying friendless and alone.