Towards equation of state for a market: A thermodynamical paradigm of economics
classification
💰 econ.GN
physics.class-phq-fin.EC
keywords
thermodynamicseconomicsequationequilibriummarketparadigmstatethermodynamical
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Foundations of equilibrium thermodynamics are the equation of state (EoS) and four postulated laws of thermodynamics. We use equilibrium thermodynamics paradigms in constructing the EoS for microeconomics system that is a market. This speculation is hoped to be first step towards whole pictures of thermodynamical paradigm of economics.
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