Related papers: Thermodynamics Formulation of Economics
We solve a set of selected exercises on rotational motion requiring a mechanical and thermodynamical analysis. When non-conservative forces or thermal effects are present, a complete study must use the first law of thermodynamics together…
Econophysics, is based on the premise that some ideas and methods from physics can be applied to economic situations. We intend to show in this paper how a physics concept such as entropy can be applied to an economic problem. In so doing,…
We consider the main physical notions and phenomena described by the author in his mathematical theory of thermodynamics. The new mathematical model yields the equation of state for a wide class of classical gases consisting of non-polar…
Thermodynamic entropy is determined by a heat measurement through the Clausius equality. The entropy then formalizes a fundamental limitation of operations by the second law of thermodynamics. The entropy is also expressed as the Shannon…
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…
Numerical simulations of compressible fluid flows require an equation of state (EOS) to relate the thermodynamic variables of density, internal energy, temperature, and pressure. A valid EOS must satisfy the thermodynamic conditions of…
This paper presents a conceptual model describing the medium and long-term co-evolution of natural and socio-economic subsystems of Earth. An economy is viewed as an out-of-equilibrium dissipative structure that can only be maintained with…
The process of creating goods and services, measured by their value, is considered a process of creating complexity. This allows us to consider the production system as an open thermodynamic system, and to develop a simple heuristic model…
This work proposes a first approach towards a neo-Gibbsian thermodynamic theory for social systems, grounded in quantifiable economic and cultural parameters, while deliberately avoiding direct analogies with classical thermodynamic…
Originally formulated for macroscopic machines, the laws of thermodynamics were recently shown to hold for quantum systems coupled to ideal sources of work (external classical fields) and heat (systems at equilibrium). Ongoing efforts have…
Expected utility maximization problems in mathematical finance lead to a generalization of the classical definition of entropy. It is demonstrated that a necessary and sufficient condition for the second law of thermodynamics to operate is…
This paper is a natural continuation of a previous one by the author, which was concerned with the foundations of statistical thermodynamics far from equilibrium. One of the problems left open in that paper was the correct definition of…
The purpose of this study is to consider the near future of civilization in the framework of thermodynamics. Kardashev's proposal to evaluate the development of celestial civilizations by the amount of energy they are able to use was…
The present paper reports our attempt to search for a new universal framework in nonequilibrium physics. We propose a thermodynamic formalism that is expected to apply to a large class of nonequilibrium steady states including a heat…
We show that there exists a natural way to define a condition of generalized thermal equilibrium between systems governed by Tsallis thermostatistics, under the hypotheses that i) the coupling between the systems is weak, ii) the structure…
This mathematical essay brings together ideas from Economics, Geobiodynamics and Thermodynamics. Its purpose is to obtain real models of complex evolutionary systems. More specifically, the essay defines Roegenian Economy and links…
We investigate the general relativistic dynamics of Robertson-Walker models with a non-linear equation of state (EoS), focusing on the quadratic case P = P_0 + \alpha \rho + \beta \rho^2. This may be taken to represent the Taylor expansion…
This article aims at reviewing recent empirical and theoretical developments usually grouped under the term Econophysics. Since its name was coined in 1995 by merging the words Economics and Physics, this new interdisciplinary field has…
Several recent results on thermodynamics have been obtained using the tools of quantum information theory and resource theories. So far, the resource theories utilised to describe thermodynamics have assumed the existence of an infinite…
In this note, we would like to find the laws of electrodynamics in simple economic systems. In this direction, we identify the chief economic variables and parameters, scalar and vector, which are amenable to be put directly into the crouch…