A NEW APPROACH TO MATHEMATICAL ECONOMICS - ON ITS STRUCTURE AS A HOMOMORPHISM OF GIBBS-FALKIAN THERMODYNAMICS

Authors
LAUSTER M HOHER K STRAUB D
Citation
M. Lauster et al., A NEW APPROACH TO MATHEMATICAL ECONOMICS - ON ITS STRUCTURE AS A HOMOMORPHISM OF GIBBS-FALKIAN THERMODYNAMICS, Journal of mathematical analysis and applications, 193(3), 1995, pp. 772-794
Citations number
23
Categorie Soggetti
Mathematics, Pure",Mathematics,Mathematics,Mathematics
Journal title
Journal of mathematical analysis and applications → ACNP
ISSN journal
0022247X
Volume
193
Issue
3
Year of publication
1995
Pages
772 - 794
Database
ISI
SICI code
0022-247X(1995)193:3<772:ANATME>2.0.ZU;2-Z
Abstract
A homomorphism between the theories of thermodynamics and economics is introduced. By means of Gibbs-Falkian thermodynamics it is shown that a systems theory can be set up including economic equations of state, as well as a concise notion of equilibirum. Indicating strict separat ions with respect to dynamics in economics, commonly used at present, and adopting the physico-dynamical concepts of energy, motion, and mom entum, connections between the economic phase space and the related sp ace of events are established. (C) 1995 Academic Press, Inc.