Journal Article Detail Page

American Journal of Physics
written by Wayne M. Saslow
The author develops analogies between economic systems and thermodynamics, and shows how economic quantities can characterize the state of an economic system in equilibrium. We argue that just as a physical system in thermodynamic equilibrium requires a nonmechanical variable (the temperature) to specify its state, so does an economic system. In addition, both systems must have a corresponding conjugate quantity, the entropy. We also develop economic analogies to the free energy, Maxwell relations, and the Gibbs–Duhem relation. Assuming that economic utility can be measured, we develop an operational definition of an economic temperature scale. We also develop an analogy to statistical mechanics, which leads to Gaussian fluctuations.
American Journal of Physics: Volume 67, Issue 12, Pages 1239-1247
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Thermo & Stat Mech
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© 1999 American Journal of Physics
Additional information is available.
DOI:
10.1119/1.19110
ISSN Number:
0002-9505
Keywords:
economics, entropy, free energy, statistical mechanics, thermodynamics
Record Cloner:
Metadata instance created August 31, 2011 by Harvey Gould
Record Updated:
August 31, 2011 by Harvey Gould
Last Update
when Cataloged:
December 1, 1999
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Record Link
AIP Format
W. Saslow, Am. J. Phys. 67 (12), 1239 (1999), WWW Document, (http://dx.doi.org/10.1119/1.19110).
AJP/PRST-PER
W. Saslow, An economic analogy to thermodynamics Am. J. Phys. 67 (12), 1239 (1999), <http://dx.doi.org/10.1119/1.19110>.
APA Format
Saslow, W. (1999, December 1). An economic analogy to thermodynamics. Am. J. Phys., 67(12), 1239-1247. Retrieved April 16, 2014, from http://dx.doi.org/10.1119/1.19110
Chicago Format
Saslow, Wayne. "An economic analogy to thermodynamics." Am. J. Phys. 67, no. 12, (December 1, 1999): 1239-1247, http://dx.doi.org/10.1119/1.19110 (accessed 16 April 2014).
MLA Format
Saslow, Wayne. "An economic analogy to thermodynamics." Am. J. Phys. 67.12 (1999): 1239-1247. 16 Apr. 2014 <http://dx.doi.org/10.1119/1.19110>.
BibTeX Export Format
@article{ Author = "Wayne Saslow", Title = {An economic analogy to thermodynamics}, Journal = {Am. J. Phys.}, Volume = {67}, Number = {12}, Pages = {1239-1247}, Month = {December}, Year = {1999} }
Refer Export Format

%A Wayne Saslow
%T An economic analogy to thermodynamics
%J Am. J. Phys.
%V 67
%N 12
%D December 1, 1999
%P 1239-1247
%U http://dx.doi.org/10.1119/1.19110
%O application/pdf

EndNote Export Format

%0 Journal Article
%A Saslow, Wayne
%D December 1, 1999
%T An economic analogy to thermodynamics
%J Am. J. Phys.
%V 67
%N 12
%P 1239-1247
%8 December 1, 1999
%@ 0002-9505
%U http://dx.doi.org/10.1119/1.19110


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