INDECS - Paper abstract
THERMODYNAMIC MODEL OF CAPITAL
EXTRACTION IN ECONOMIC SYSTEMS
Pereslavl-Zalesskij, Russia
2School of Finance and Economics, University of Technology
Sydney, Australia
Full paper as pdf version.
EXTRACTION IN ECONOMIC SYSTEMS
A.M. Tsirlin1, V. Kazakov2, N.A. Alimova1 and A.A. Ahremenkov1
1Program Systems Institute of the Russian Academy of SciencesPereslavl-Zalesskij, Russia
2School of Finance and Economics, University of Technology
Sydney, Australia
Received: 18 February, 2005. Accepted: 25 March, 2005.
SUMMARY
In this paper the properties of the wealth function of an economic system are studied. An economic analog of the Gibbs-Duhem equation is derived. Equilibrium states and limiting profit extraction regimes in non-equilibrium economic systems are obtained for the Cobb-Douglas wealth function.
KEY WORDS
nonequilibrium and irreversible thermodynamics, economics, econophysics, financial markets, business and management
CLASSIFICATION
PACS: 05.70.Ln, 89.65.Gh
Full paper as pdf version.