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Thermodynamic model of capital extraction in economic systems

Author

Listed:
  • A.M. Tsirlin,

    (Program Systems Institute of the Russian Academy of Sciences, Pereslavl-Zalesskij, Russia)

  • V. Kazakov,

    (School of Finance and Economics, University of Technology Sydney, Australia)

  • N.A. Alimova

    (Program Systems Institute of the Russian Academy of Sciences, Pereslavl-Zalesskij, Russia)

  • A.A. Ahremenkov

    (Program Systems Institute of the Russian Academy of Sciences, Pereslavl-Zalesskij, Russia)

Abstract

In this paper the properties of the wealth function of an economic system are studied. An economic analog of the Gibbs-Duhem equation is derived. Equilibrium states and limiting profit extraction regimes in non-equilibrium economic systems are obtained for the Cobb-Douglas wealth function.

Suggested Citation

  • A.M. Tsirlin, & V. Kazakov, & N.A. Alimova & A.A. Ahremenkov, 2005. "Thermodynamic model of capital extraction in economic systems," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 3(1), pages 1-16.
    • Handle: RePEc:zna:indecs:v:3:y:2005:i:1:p:1-16
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    References listed on IDEAS

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    1. Hurwicz, Leonid & Richter, Marcel K., 1979. "An integrability condition with applications to utility theory and thermodynamics," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 7-14, March.
    2. Salamon, P. & Nulton, J.D. & Siragusa, G. & Andersen, T.R. & Limon, A., 2001. "Principles of control thermodynamics," Energy, Elsevier, vol. 26(3), pages 307-319.
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