Related papers: Field Theory of Macroeconomics
A thermodynamic approach to the description of economic systems and processes is developed. It is shown that there is a deep analogy between the parameters of thermodynamic and economic systems (markets); so each thermodynamic parameter can…
The microscopic quantum field theory origins of warm inflation dynamics are reviewed. The warm inflation scenario is first described along with its results, predictions and comparison with the standard cold inflation scenario. The basics of…
This paper provides a general method to translate a standard economic model with a large number of agents into a field-formalism model. This formalism preserves the system's interactions and microeconomic features at the individual level…
Growth theory has rarely considered energy despite its invisible hand in all physical systems. We develop a theoretical framework that places energy transfers at centerstage of growth theory based on two principles: (1) goods are material…
Noether's Theorem is familiar to most physicists due its fundamental role in linking the existence of conservation laws to the underlying symmetries of a physical system. Typically the systems are described in the particle-based context of…
Inflation models are compared with observation on the assumption that the curvature perturbation is generated from the vacuum fluctuation of the inflaton field. The focus is on single-field models with canonical kinetic terms, classified as…
This paper develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand-aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds…
The purpose of this paper is to come up with a framework that "converts" existing concepts from configuration space to ordinary one. This is done by modeling our universe as a big "computer" that simulates configuration space. If that…
Any one-field inflation is actually realized in a multifield configuration because the inflaton must have couplings with other fields to reheat the universe and is coupled to all other fields at least gravitationally. In all single inflaton…
Rules of quantization and equations of motion for a finite-dimensional formulation of Quantum Field Theory are proposed which fulfill the following properties: a) both the rules of quantization and the equations of motion are covariant; b)…
An equation for the evolution of the distribution of wealth in a population of economic agents making binary transactions with a constant total amount of "money" has recently been proposed by one of us (RLR). This equation takes the form of…
The economic and financial variables of economic agents determine macroeconomic variables. Current models consider agents' variables that are determined by the sums of values and volumes of agents' trades during some time interval {\Delta}.…
The aim of this paper is to reemphasize the money theory of exchange which is centered on the function of exchange medium of money, and make a contribution towards linearization of the quantity equation of exchange. A dynamical quantity…
Markets have internal dynamics leading to excess volatility and other phenomena that are difficult to explain using rational expectations models. This paper studies these using a nonequilibrium price formation rule, developed in the context…
We develop a monetary macro accounting theory (MoMaT) and its software specification for a consistent national accounting. In our money theory money functions primarily as a medium of payment for obligations and debts, not as a medium of…
Mathematical properties of the historical GDP/cap distributions are discussed and explained. These distributions are frequently incorrectly interpreted and the Unified Growth Theory is an outstanding example of such common misconceptions.…
Inflationary perturbations in multi-field theories can exhibit a transient tachyonic instability as a consequence of their non-trivial motion in the internal field space. When an effective single-field description is applicable, the…
Detailed empirical studies of publicly traded business firms have established that the standard deviation of annual sales growth rates decreases with increasing firm sales as a power law, and that the sales growth distribution is…
We explore the dynamics of assisted quintessence, where more than one scalar field is present with the same potential. For potentials with tracking solutions, the fields naturally approach the same values; in the context of inflation this…
We show that a simple and intuitive three-parameter equation fits remarkably well the evolution of the gross domestic product (GDP) in current and constant dollars of many countries during times of recession and recovery. We then argue that…