IDEAS home Printed from https://ideas.repec.org/a/zna/indecs/v3y2005i1p1-16.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://indecs.eu/2005/indecs2005-pp1-16.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chen, Lingen & Sun, Fengrui & Wu, Chih, 2006. "Optimal configuration of a two-heat-reservoir heat-engine with heat-leak and finite thermal-capacity," Applied Energy, Elsevier, vol. 83(2), pages 71-81, February.
    2. Chen, Lingen & Lorenzini, Giulio, 2023. "Heating load, COP and exergetic efficiency optimizations for TEG-TEH combined thermoelectric device with Thomson effect and external heat transfer," Energy, Elsevier, vol. 270(C).
    3. Wang, Chao & Chen, Lingen & Xia, Shaojun & Sun, Fengrui, 2016. "Maximum production rate optimization for sulphuric acid decomposition process in tubular plug-flow reactor," Energy, Elsevier, vol. 99(C), pages 152-158.
    4. Blanco, Jesús M. & Vazquez, L. & Peña, F., 2012. "Investigation on a new methodology for thermal power plant assessment through live diagnosis monitoring of selected process parameters; application to a case study," Energy, Elsevier, vol. 42(1), pages 170-180.
    5. Jerison, David & Jerison, Michael, 1993. "Approximately Rational Consumer Demand," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 217-241, April.
    6. Kaur, Kirandeep & Singh, Varinder & Ghai, Jatin & Jena, Satyajit & Müstecaplıoğlu, Özgür E., 2021. "Unified trade-off optimization of a three-level quantum refrigerator," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 576(C).
    7. Li, Jun & Chen, Lingen & Sun, Fengrui, 2007. "Optimal configuration of a class of endoreversible heat-engines for maximum power-output with linear phenomenological heat-transfer law," Applied Energy, Elsevier, vol. 84(9), pages 944-957, September.
    8. Anatoly M. Tsirlin & Vladimir Kazakov, 2006. "Optimal Processes in Irreversible Microeconomics," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 4(2), pages 102-123.
    9. Xia, Shaojun & Chen, Lingen & Sun, Fengrui, 2011. "Power-optimization of non-ideal energy converters under generalized convective heat transfer law via Hamilton-Jacobi-Bellman theory," Energy, Elsevier, vol. 36(1), pages 633-646.
    10. Chen, Lingen & Xiaoqin, Zhu & Sun, Fengrui & Wu, Chih, 2007. "Exergy-based ecological optimization for a generalized irreversible Carnot heat-pump," Applied Energy, Elsevier, vol. 84(1), pages 78-88, January.
    11. Shu, Liwei & Chen, Lingen & Sun, Fengrui, 2007. "Performance optimization of a diabatic distillation-column by allocating a sequential heat-exchanger inventory," Applied Energy, Elsevier, vol. 84(9), pages 893-903, September.
    12. Chen, Lingen & Ding, Zemin & Sun, Fengrui, 2011. "Model of a total momentum filtered energy selective electron heat pump affected by heat leakage and its performance characteristics," Energy, Elsevier, vol. 36(7), pages 4011-4018.
    13. Chen, Lingen & Zhang, Lei & Xia, Shaojun & Sun, Fengrui, 2018. "Entropy generation minimization for CO2 hydrogenation to light olefins," Energy, Elsevier, vol. 147(C), pages 187-196.
    14. Song, Hanjiang & Chen, Lingen & Sun, Fengrui, 2007. "Endoreversible heat-engines for maximum power-output with fixed duration and radiative heat-transfer law," Applied Energy, Elsevier, vol. 84(4), pages 374-388, April.
    15. Zhang, Lei & Chen, Lingen & Sun, Fengrui, 2016. "Power optimization of chemically driven heat engine based on first and second order reaction kinetic theory and probability theory," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 445(C), pages 221-230.
    16. Russell, Thomas, 1997. "How quasi-rational are you?: A behavioral interpretation of a two form which measures non-integrability of a system of demand equations," Economics Letters, Elsevier, vol. 56(2), pages 181-186, October.
    17. Yin, Yong & Chen, Lingen & Wu, Feng & Ge, Yanlin, 2020. "Work output and thermal efficiency of an endoreversible entangled quantum Stirling engine with one dimensional isotropic Heisenberg model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 547(C).
    18. D. Wade Hands, 2014. "Paul Samuelson and Revealed Preference Theory," History of Political Economy, Duke University Press, vol. 46(1), pages 85-116, Spring.
    19. Zhou, Junle & Chen, Lingen & Ding, Zemin & Sun, Fengrui, 2016. "Analysis and optimization with ecological objective function of irreversible single resonance energy selective electron heat engines," Energy, Elsevier, vol. 111(C), pages 306-312.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zna:indecs:v:3:y:2005:i:1:p:1-16. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Josip Stepanic (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.