A Thermodynamic Approach to Monetary Economics. A Revision. An application to the UK Economy 1969-2006 and the USA Economy 1966-2006

John Bryant

Working Papers from Economic Consultancy, Vocat International

Abstract: This paper develops further monetary aspects of a model, first set out as part of a paper by the author published in 2007, concerning the application of thermodynamic principles to economics. The model is backed up by statistical analysis of quarterly data of the UK and USA economies. The model sets out relationships between price, output volume, velocity of circulation and money supply, and develops an equation to measure entropy gain in an economic system, linked to interest rates. This paper was first released in August 2008, but has now been revised to reflect current thinking

Keywords: Monetary; thermodynamics; economics; entropy; interest rates (search for similar items in EconPapers)
Pages: 26 pages
Date: 2010-02
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:voc:wpaper:ten5a2010

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