Towards equation of state for a market: A thermodynamical paradigm of economics

Burin Gumjudpai
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Burin Gumjudpai: IF Naresuan, ThEP, NIDA

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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.

Date: 2018-07, Revised 2018-07
New Economics Papers: this item is included in nep-hme
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Published in Journal of Physics: Conference Series (2018) 1144: 012181

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1807.09595

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