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Statistical thermodynamics of economic systems

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  • H. Quevedo
  • M. N. Quevedo

Abstract

We formulate thermodynamics of economic systems in terms of an arbitrary probability distribution for a conserved economic quantity. As in statistical physics, thermodynamic macroeconomic variables emerge as the mean value of microeconomic variables and their determination is reduced to the computation of the partition function, starting from an arbitrary function. Explicit hypothetical examples are given which include linear and nonlinear economic systems, as well as multiplicative systems such as those dominated by a Pareto law distribution. We propose to use the formalism of phase transitions to study severe changes of macroeconomic variables.

Suggested Citation

  • H. Quevedo & M. N. Quevedo, 2009. "Statistical thermodynamics of economic systems," Papers 0903.4216, arXiv.org, revised May 2011.
    • Handle: RePEc:arx:papers:0903.4216
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    Cited by:

    1. Hernando Quevedo & María N. Quevedo, 2016. "Income distribution in the Colombian economy from an econophysics perspective," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 35(69), pages 691-707, April.

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