paper
Economic thermodynamics
Sergey Rashkovskiy
behavioral economicsarxiv
Description
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 be associated with a certain economic parameter or indicator. The economic meaning of such primordially thermodynamic concepts as internal energy and temperature has been established. It is shown that many economic laws, which in economic theory are a general...
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