arXiv
Open Access
2020
Thermodynamics Formulation of Economics
Burin Gumjudpai
Abstrak
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 criteria in promoting and classifying an empirical law to EoS status. Four laws of thermodynamics are given for economics. We proposed a method to model the EoS with econometrics. Consumer surplus in economics can not be considered as utility. Concepts such as total wealth, generalized utility and generalized surplus are introduced. EoS provides solid foundation in statistical mechanics modelling of economics and finance.
Topik & Kata Kunci
Penulis (1)
B
Burin Gumjudpai
Akses Cepat
Informasi Jurnal
- Tahun Terbit
- 2020
- Bahasa
- en
- Sumber Database
- arXiv
- Akses
- Open Access ✓