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Monetary Aspects of a Thermodynamic Theory of Economics An application to the UK Economy 1969-2006

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Author Info
John Bryant () (Vocat International)

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Abstract

This paper develops further a thermodynamic model of a monetary system, first set out as part of a paper by the author, published in 2007, entitled A Thermodynamic Theory of Economics. The model is backed up by statistical analysis of data of the UK economy 1969-2006. The model sets out relationships between price, output volume, velocity of circulation, money supply and interest rates, and develops an equation to measure the rate of entropy loss from an economic system.

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File URL: http://www.vocat.co.uk/TEN32008.pdf
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Publisher Info
Paper provided by Economic Consultancy, Vocat International in its series Working Papers with number ten32008.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 14 pages
Date of creation: Apr 2008
Date of revision:
Handle: RePEc:voc:wpaper:ten32008

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Web page: http://www.vocat.co.uk

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Related research
Keywords: Monetary model thermodynamics economics entropy money UK economy

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. John Bryant, 2007. "A Thermodynamic Theory of Economics," Working Papers tefprv2007, Economic Consultancy, Vocat International. [Downloadable!]
  2. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39, pages 195-214, December. [Downloadable!] (restricted)
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This page was last updated on 2008-8-19.

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