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Nontrivial bookkeeping: a mechanical perspective

Author

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  • Fischer, Robert
  • Braun, Dieter

Abstract

Although economic practice is measured by bookkeeping, economic theory neglects its role. We want to bridge this gap. We analyze the structure of bookkeeping from a mechanical viewpoint and compare money with momentum. Bookkeeping and income statements translate to the physicist vocabulary of momentum, energy and force. Financial transactions become Feynman-graphs. Although the realization principle enforces conservation of momentum in each currency, no conservation of energy is implemented by bookkeeping. We discuss the transaction axiomatics of bookkeeping from this physical viewpoint.

Suggested Citation

  • Fischer, Robert & Braun, Dieter, 2003. "Nontrivial bookkeeping: a mechanical perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 324(1), pages 266-271.
    • Handle: RePEc:eee:phsmap:v:324:y:2003:i:1:p:266-271
    DOI: 10.1016/S0378-4371(02)01856-3
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    References listed on IDEAS

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    1. Fischer, Robert & Braun, Dieter, 2003. "Transfer potentials shape and equilibrate monetary systems," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 321(3), pages 605-618.
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    Cited by:

    1. Braun, Dieter, 2006. "Nonequilibrium thermodynamics of wealth condensation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 369(2), pages 714-722.
    2. Victor M. Yakovenko, 2007. "Econophysics, Statistical Mechanics Approach to," Papers 0709.3662, arXiv.org, revised Aug 2008.
    3. Orrell, David, 2020. "A quantum model of supply and demand," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 539(C).
    4. Stein, Julian Alexander Cornelius & Braun, Dieter, 2019. "Stability of a time-homogeneous system of money and antimoney in an agent-based random economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 520(C), pages 232-249.
    5. Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
    6. Xing, Xiaoyun & Xiong, Wanting & Chen, Liujun & Chen, Jiawei & Wang, Yougui & Stanley, H. Eugene, 2018. "Money circulation and debt circulation: A restatement of quantity theory of money," Economics Discussion Papers 2018-1, Kiel Institute for the World Economy (IfW Kiel).

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