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

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  • Burin Gumjudpai

    (IF Naresuan, ThEP, NIDA)

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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  • Burin Gumjudpai, 2018. "Towards equation of state for a market: A thermodynamical paradigm of economics," Papers 1807.09595, arXiv.org, revised Jul 2018.
    • Handle: RePEc:arx:papers:1807.09595
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    File URL: http://arxiv.org/pdf/1807.09595
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    Cited by:

    1. Burin Gumjudpai & Yuthana Sethapramote, 2019. "Nature of thermodynamics equation of state towards economics equation of state," Papers 1907.07108, arXiv.org.
    2. Burin Gumjudpai, 2021. "Effect Structure and Thermodynamics Formulation of Demand-side Economics," Papers 2201.07975, arXiv.org.

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