Towards equation of state for a market: A thermodynamical paradigm of economics
Burin Gumjudpai (IF Naresuan, ThEP, NIDA)
TL;DR
This paper proposes a thermodynamical framework for economics by developing an equation of state for markets, aiming to establish a foundational paradigm linking thermodynamics and economic systems.
Contribution
It introduces a novel thermodynamical paradigm for economics by formulating an equation of state for markets, bridging physics and economic theory.
Findings
Developed an equation of state for market systems
Established thermodynamical laws applicable to economics
Proposed a new paradigm linking thermodynamics and market behavior
Abstract
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 speculation is hoped to be first step towards whole pictures of thermodynamical paradigm of economics.
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Taxonomy
TopicsAdvanced Thermodynamics and Statistical Mechanics · Complex Systems and Time Series Analysis · Economic theories and models