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Newton´s Laws of Motion and Price Theory

Author

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  • Tomá? R. Zeithamer

    (University of Economics, Prague, Faculty of Informatics and Statistics, Department of Mathematics)

Abstract

The paper focuses on factual research in bibliographic and biographical databases showing that representatives of the Czech School of Economics took a leading role in the methodological use of applied and theoretical physics in the basic economic research, especially in the second half of the twentieth century.The linear and non-linear analytical structures of theoretical physics are compared with the analytical structures of commodity price theory in a market with nearly perfect competition. Newton´s equations of motion for the non-relativistic speed of instantaneous relative depreciation and instantaneous relative commodity prices over time are analyzed. Assuming that the market value of a commodity is fully determined exclusively by the value of the instantaneous commodity price, the price jerk equation acquires a form corresponding to the non-relativistic equation for jerk in mechanics, following from Newton´s second law of motion. In this paper price jounce and price crackle are defined.

Suggested Citation

  • Tomá? R. Zeithamer, 2015. "Newton´s Laws of Motion and Price Theory," Proceedings of International Academic Conferences 2604532, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:2604532
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    File URL: https://iises.net/proceedings/17th-international-academic-conference-vienna/table-of-content/detail?cid=26&iid=113&rid=4532
    File Function: First version, 2015
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    More about this item

    Keywords

    Instantaneous relative depreciation; Newton´s laws of motion; market value; nearly perfect competition; price jerk; price jounce; price crackle;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools

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