Related papers: Thermodynamics and Economics
This article derives prognostic expressions for the evolution of globally aggregated economic wealth, productivity, inflation, technological change, innovation and growth. The approach is to treat civilization as an open, non-equilibrium…
Reciprocal relations correlate fairly accurately a great variety of experimental results. Nevertheless, the concepts of statistical fluctuations, and microscopic reversibility - the bases of the accepted proof of the relations by Onsager -…
By suitable reformulations, we review the mathematical frameworks of six different approaches to the description of non-equilibrium dynamics with the purpose to set up a unified formulation of the Maximum Entropy Production (MEP) principle…
Global climate change, extreme climate events, earthquakes and their accompanying natural disasters pose significant risks to humanity. Yet due to the nonlinear feedbacks, strategic interactions and complex structure of the Earth system,…
Far-from-equilibrium thermodynamics underpins the emergence of life, but how has been a long-outstanding puzzle. Best candidate theories based on the maximum entropy production principle could not be unequivocally proven, in part due to…
There is a paradox in the standard model of cosmology. How can matter in the early universe have been in thermal equilibrium, indicating maximum entropy, but the initial state also have been low entropy (the "past hypothesis"), so as to…
Thermodynamics makes definite predictions about the thermal behavior of macroscopic systems in and out of equilibrium. Statistical mechanics aims to derive this behavior from the dynamics and statistics of the atoms and molecules making up…
In many real-world situations, there are constraints on the ways in which a physical system can be manipulated. We investigate the entropy production (EP) and extractable work involved in bringing a system from some initial distribution $p$…
The thermodynamic uncertainty relation expresses a universal trade-off between precision and entropy production, which applies in its original formulation to current observables in steady-state systems. We generalize this relation to…
This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics Be a Physical Science?" The first part of the paper traces the personal path of the author…
Extremal principles are fundamental in our interpretation of phenomena in nature. One of the best known examples is the second law of thermodynamics, governing most physical and chemical systems and stating the continuous increase of…
It is argued that a typical many body energy eigenstate has a well defined thermodynamic entropy and that individual eigenstates possess thermodynamic characteristics analogous to those of generic isolated systems. We examine large systems…
We introduce an algorithmic model of heat conduction, the thermodynamic graph. The thermodynamic graph is analogous to meshes in the finite difference method in the sense that the calculation of temperature is carried out at the vertices of…
Thermodynamics is based on the notions of energy and entropy. While energy is the elementary quantity governing physical dynamics, entropy is the fundamental concept in information theory. In this work, starting from first principles, we…
Economic systems are similar with physic systems for their large number of individuals and the exist of equilibrium. In this paper, we present a model applying the equilibrium statistical model in economic systems. Consistent with…
The thermodynamic uncertainty relations (TURs) provide lower bounds on the entropy production (EP) of a system in terms of the statistical precision of an arbitrary current in that system. All conventional TURs derived so far have concerned…
The maximum entropy principle from statistical mechanics states that a closed system attains an equilibrium distribution that maximizes its entropy. We first show that for graphs with fixed number of edges one can define a stochastic edge…
This tutorial investigates the convergence of statistical mechanics and learning theory, elucidating the potential enhancements in machine learning methodologies through the integration of foundational principles from physics. The tutorial…
Entropy is the distinguishing and most important concept of our efforts to understand and regularize our observations of a very large class of natural phenomena, and yet, it is one of the most contentious concepts of physics. In this…
The purpose of this paper is two-fold. First, to make clear (and de-mystify) the basic concepts of classical thermodynamics, and thus to enable the integration of thermodynamics within systems modeling and control. Second, to demonstrate…