Related papers: Field Theory of Macroeconomics
In a series of essays, beginning with this article, we are going to develop a new formulation of micro-phenomena based on the principles of reality and causality. The new theory provides with us a new depiction of micro-phenomena assuming…
Many complex systems are characterized by intriguing spatio-temporal structures. Their mathematical description relies on the analysis of appropriate correlation functions. Functional integral techniques provide a unifying formalism that…
Econophysics is an approach to quantitative economy using ideas, models, conceptual and computational methods of statistical physics. In recent years many of physical theories like theory of turbulence, scaling, random matrix theory or…
We present a macroeconomic agent-based model that combines several mechanisms operating at the same timescale, while remaining mathematically tractable. It comprises enterprises and workers who compete in a job market and a commodity goods…
This paper studies the optimal investment behavior of renewable electricity producers in a competitive market, where both prices and installation costs are influenced by aggregate industry activity. We model the resulting crowding effects…
We present a macroscopic model of the decay of a coherent classical scalar field into statistical fluctuations through the process of parametric amplification. We solve the field theory (henceforth,"microscopic") model to leading order in a…
The state of economic theory and accumulated facts from the different branches of the economic science require to analyze the concept of the description of economy systems. The economic reality generates the problems the solution of that is…
This paper presents a model with the aim to follow, as closely as possible, the rationale of the macroeconomic model advanced by J.M. Keynes in his famous "The General Theory of Employment, Interest and Money", in order to provide a viable…
This paper presents macroeconomic model that is based on parallels between macroeconomic multi-agent systems and multi-particle systems. We use risk ratings of economic agents as their coordinates on economic space. Aggregates of economic…
The unified field is a Maxwell-Lorentz field. Maxwell-Lorentz equations for potentials in standard four-dimensional form are satisfied exactly. This is achieved by involving new fundamental field sources, strict definition of which requires…
The infinite number of time-dependent linear in field and conjugated momenta invariants is derived for the scalar field using the Noether's theorem procedure.
The simplest flavor of the Effective Field Theory of Large Scale Structure is based on Newtonian equations and describes the nonlinear matter density and velocity using Einstein-de-Sitter kernels. Even in the presence of massive neutrinos,…
Traditional macroeconomic models, based on static algebraic systems, fail to capture the dynamics of a bimonetary economy like Argentina's. This paper proposes a framework based on category theory to develop a more flexible and structured…
In this paper, we propose a mean-field game model for the price formation of a commodity whose production is subjected to random fluctuations. The model generalizes existing deterministic price formation models. Agents seek to minimize…
Development and growth are complex and tumultuous processes. Modern economic growth theories identify some key determinants of economic growth. However, the relative importance of the determinants remains unknown, and additional variables…
Growth rate of the world Growth Domestic Product (GDP) is analysed to determine possible pathways of the future economic growth. The analysis is based on using the latest data of the World Bank and it reveals that the growth rate between…
A statistical generalization is made of microeconomics in the spirit of going from classical to statistical mechanics. The price and quantity of every commodity1 traded in the market, at each instant of time, is considered to be an…
We re-examine large scalar fields within effective field theory, in particular focussing on the issues raised by their use in inflationary models (as suggested by BICEP2 to obtain primordial tensor modes). We argue that when the large-field…
We propose coalescent mechanism of economic grow because of redistribution of external resources. It leads to Zipf distribution of firms over their sizes, turning to stretched exponent because of size-dependent effects, and predicts…
This study presents a computational and theoretical framework inspired by thermodynamic principles to analyze the dynamics of economic inflation within adiabatic and non-adiabatic systems. In a framework referred to as developmental…