Stokes integral of economic growth

Jürgen Mimkes

Physica A: Statistical Mechanics and its Applications, 2010, vol. 389, issue 8, 1665-1676

Abstract: Economic growth depends on capital and labor and two-dimensional calculus has been applied to economic theory. This leads to Riemann and Stokes integrals and to the first and second laws of production and growth. The mathematical structure is the same as in thermodynamics, economic properties may be related to physical terms: capital to energy, production to physical work, GDP per capita to temperature, production function to entropy. This is called econophysics. Production, trade and banking may be compared to motors, heat pumps or refrigerators. The Carnot process of the first law creates two levels in each system: cold and hot in physics; buyer and seller, investor and saver, rich and poor in economics. The efficiency rises with the income difference of rich and poor. The results of econophysics are compared to neoclassical theory.

Keywords: Econophysics; 89.65.Gh; Calculus; Stokes integral; Profit; Production; Trade; Economic growth (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0378437109010048
Full text for ScienceDirect subscribers only. Journal offers the option of making the article available online on Science direct for a fee of $3,000

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:389:y:2010:i:8:p:1665-1676

DOI: 10.1016/j.physa.2009.12.008

Access Statistics for this article

Physica A: Statistical Mechanics and its Applications is currently edited by K. A. Dawson, J. O. Indekeu, H.E. Stanley and C. Tsallis

More articles in Physica A: Statistical Mechanics and its Applications from Elsevier
Bibliographic data for series maintained by Catherine Liu ().