Related papers: Field Theory of Macroeconomics
Standard economic theory uses mathematics as its main means of understanding, and this brings clarity of reasoning and logical power. But there is a drawback: algebraic mathematics restricts economic modeling to what can be expressed only…
The leading account of several salient observable features of our universe today is provided by the theory of cosmic inflation. But an important and thus far intractable question is whether inflation is generic, or whether it is finely…
We propose a scenario where inflation is driven by non-minimally coupled massive vector fields. In an isotropic homogeneous universe these fields behave in presicely the same way as a massive minimally coupled scalar field. Therefore our…
The nonperturbative real-time evolution of quantum fields out of equilibrium is often solved using a mean-field or Hartree approximation or by applying effective action methods. In order to investigate the validity of these truncations, we…
This paper provides a general method to directly translate a classical economic framework with a large number of agents into a field-formalism model. This type of formalism allows the analytical treatment of economic models with an…
Macroeconomic dynamics is typically modeled under the assumption that the economy evolves according to a single invariant law of motion. This paper shows that this assumption imposes a structural restriction. We develop Dynamic…
We propose an extremely simple mathematical model that is shown to be able to account for more than 99 per cent of all the variation in economic and demographic macrodynamics of the world for almost two millennia of its history. This…
Motivated by recent discussions of fractons, we explore nonrelativistic field theories with a continuous global symmetry, whose charge is a spatial vector. We present several such symmetries and demonstrate them in concrete examples. They…
A theoretical self-sustainable economic model is established based on the fundamental factors of production, consumption, reservation and reinvestment, where currency is set as a unconditional credit symbol serving as transaction equivalent…
Masanao Aoki developed a new methodology for a basic problem of economics: deducing rigorously the macroeconomic dynamics as emerging from the interactions of many individual agents. This includes deduction of the fractal / intermittent…
This paper characterizes equilibrium properties of a broad class of economic models that allow multiple heterogeneous agents to interact in heterogeneous manners across several markets. Our key contribution is a new theorem providing…
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach. We will argue that this replacement is due to a tacit…
In contrast with QFT, classical field theory can be formulated in strict mathematical terms of fibre bundles, graded manifolds and jet manifolds. Second Noether theorems provide BRST extension of this classical field theory by means of…
Standard approaches to the theory of financial markets are based on equilibrium and efficiency. Here we develop an alternative based on concepts and methods developed by biologists, in which the wealth invested in a financial strategy is…
This paper studies the links between the descriptions of macroeconomic variables and statistical moments of market trade, price, and return. The randomness of market trade values and volumes during the averaging interval {\Delta} results in…
We develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering…
We provide a mechanism by which, from a background independent model with no quantum mechanics, quantum theory arises in the same limit in which spatial properties appear. Starting with an arbitrary abstract graph as the microscopic model…
Regardless of the gold-standard being considered as outdated, it provides valuable signs concerning the development of novel monetary standards, better adjusted to the current macroeconomic environment. By using a point of view of classical…
We present a general algorithm constructing a discretization of a classical field theory from a Lagrangian. We prove a new discrete Noether theorem relating symmetries to conservation laws and an energy conservation theorem not based on any…
This paper proposes a change in perspective on the ``transformation of values'' problem: from ``searching for a single constant solution'' to ``characterizing the allocation space under objective constraints imposed by the physical…