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The application of principles of thermodynamics and statistical mechanics to economic systems is considered in a broad historical perspective, extending from prehistoric times to the present day. The hypothesis of maximum entropy production…

统计力学 · 物理学 2007-05-23 Alastair D. Jenkins

We consider the thermodynamic approach to the description of economic systems and processes. The first and second laws of thermodynamics as applied to economic systems are derived and analyzed. It is shown that there is a deep analogy…

综合金融 · 定量金融 2021-02-03 Sergey Rashkovskiy

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…

综合物理 · 物理学 2021-08-18 Sergey Rashkovskiy

The first (Russian) edition of the book was among the first monographs on econophysics. The book gives an explanation of several intriguing phenomena, providing new insights and answers to some deeply vexing questions. Why the economic…

物理与社会 · 物理学 2008-03-25 Victor Sergeev

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…

综合经济学 · 经济学 2022-05-09 Éric Herbert , and Gael Giraud , Aurélie Louis-Napoléon , Christophe Goupil

Entropy is a very useful concept from physics that tries to explain how a system behaves from a point of view of the thermodynamics. However, there are two ways to explain entropy, and it depends on if we are studying a microsystem or a…

综合金融 · 定量金融 2024-07-02 Martin Pomares Calero

In this paper, we test predictions of a new theory of macroeconomics, called "thermal macroeconomics." The theory aims to apply the mathematical structure of classical thermodynamics, including analogues of temperature and entropy, to…

综合经济学 · 经济学 2024-10-29 Yihang Luo , R. S. MacKay , Nick Chater

An axiomatic approach to macroeconomics based on the mathematical structure of thermodynamics is presented. It deduces relations between aggregate properties of an economy, concerning quantities and flows of goods and money, prices and the…

综合经济学 · 经济学 2025-06-18 N. J. Chater , R. S. MacKay

We consider demand-side economy. Using Caratheodory's approach, we define empirical existence of equation of state (EoS) and coordinates. We found new insights of thermodynamics EoS, the {\it effect structure}. Rules are proposed as…

综合经济学 · 经济学 2021-11-19 Burin Gumjudpai

In the last years new interdisciplinary approaches to economics and social science have been developed. A Thermodynamic approach to socio-economics has brought to a new interdisciplinary scientific field called econophysics. Why…

物理与社会 · 物理学 2016-10-26 S. Ripandelli , U. Lucia

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,…

统计金融 · 定量金融 2016-09-08 Adom Giffin

We formulate thermodynamics of economic systems in terms of an arbitrary probability distribution for a conserved economic quantity. As in statistical physics, thermodynamic macroeconomic variables emerge as the mean value of microeconomic…

统计金融 · 定量金融 2011-05-26 H. Quevedo , M. N. Quevedo

Every production-recycling iteration accumulates an inevitable proportion of its matter-energy in the environment, lest the production process itself would be a system in perpetual motion, violating the second law of Thermodynamics. Such…

物理与社会 · 物理学 2013-11-06 Henrique N. Sá Earp , Ademar R. Romeiro

Halfway between the experiment and the focus group, between the quiz and a game, we have experienced a new format to "focus" on sustainability and the fundamental laws of thermodynamics and its principles. Concepts as reversibility,…

物理教育 · 物理学 2019-07-09 D. Domenici , G. Mazzitelli

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…

经济学 · 定量金融 2017-03-22 Victor M. Yakovenko

The theory of thermal macroeconomics (TM) analyses economic phenomena within the mathematical framework of classical thermodynamics, using a set of axioms that apply to the purely macroscopic aspects of an economy [CM]. The theory shows…

综合经济学 · 经济学 2026-03-12 Yihang Luo , Robert S. MacKay , Nick Chater

This article is a short version of a longer article to appear in Physics Reports (cond-mat/9708200). The essential postulates of classical thermodynamics are formulated, from which the second law is deduced as the principle of increase of…

数学物理 · 物理学 2007-05-23 Elliott H. Lieb , Jakob Yngvason

The reversibility and recurrence paradoxes are key issues that have been left unsolved in researches on the foundation of thermodynamics since the 19th century. This article shows that (1) the reversibility paradox can be overcome if we pay…

统计力学 · 物理学 2021-07-27 Yoshihiro Nakato

Foundations of equilibrium thermodynamics are the equation of state (EoS) and four postulated laws of thermodynamics. We use equilibrium thermodynamics paradigms in constructing the EoS for microeconomics system that is a market. This…

综合经济学 · 经济学 2019-07-24 Burin Gumjudpai

A vast concourse of events and phenomena occur in nature that may be interrelated by a entropy-maximization technique that provides a comprehensible explanation of a range of physical problems, integrating in a new framework the universal…

经典物理 · 物理学 2021-10-18 Mario J Pinheiro
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