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Statistical mechanics of money, debt, and energy consumption

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  • Victor M. Yakovenko

Abstract

We briefly review statistical models for the probability distribution of money developed in the econophysics literature since the late 1990s. In these models, economic transactions are modeled as random transfers of money between the agents in payment for goods and services. We focus on conceptual foundations for this approach, on the issues of money conservation and debt, and present new results for the energy consumption distribution around the world.

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  • Victor M. Yakovenko, 2010. "Statistical mechanics of money, debt, and energy consumption," Papers 1008.2179, arXiv.org.
    • Handle: RePEc:arx:papers:1008.2179
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    Cited by:

    1. Gregor Semieniuk & Isabella M. Weber, 2019. "Inequality in Energy Consumption : Statistical Equilibrium or a Question of Accounting Conventions?," UMASS Amherst Economics Working Papers 2019-18, University of Massachusetts Amherst, Department of Economics.
    2. Kantar, Ersin & Keskin, Mustafa, 2013. "The relationships between electricity consumption and GDP in Asian countries, using hierarchical structure methods," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(22), pages 5678-5684.
    3. 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).
    4. Xing, Xiaoyun & Wang, Mingsong & Wang, Yougui & Stanley, H. Eugene, 2020. "Credit creation under multiple banking regulations: The impact of balance sheet diversity on money supply," Economic Modelling, Elsevier, vol. 91(C), pages 720-735.
    5. Radović Ognjen & Tomić Zoran & Stanković Jelena Z., 2020. "Two-Phase Exponential Model of Wealth Distribution," Economic Themes, Sciendo, vol. 58(1), pages 33-52, March.

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