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Conservation laws, financial entropy and the Eurozone crisis
KTH, School of Electrical Engineering (EES), Signal Processing.
2014 (English)In: Economics, ISSN 1864-6042, E-ISSN 1864-6042, Vol. 8, no 1, 20145- p.Article in journal (Refereed) Published
Abstract [en]

The article starts by examining the idea of conservation laws as applied to market economies. It formulates a measure of financial entropy and gives numerical simula-tions indicating that this tends to rise. We discuss an analogue for free energy released during this process. The concepts of real and symbolic appropriation are introduced as a means to analyse debt and taxation. We then examine the conflict between the conservation laws that apply to commodity exchange with the exponential growth implied by capital accumulation and how these have necessitated a sequence of evolutionary forms for money, and go on to present a simple stochastic model for the formation of rates of interest and a model for the time evolution of the rate of profit.

Place, publisher, year, edition, pages
2014. Vol. 8, no 1, 20145- p.
Keyword [en]
Conservation-law, Entropy, Financial crisis
National Category
Ecology Economics and Business
Identifiers
URN: urn:nbn:se:kth:diva-143010DOI: 10.5018/economics-ejournal.ja.2014-5ISI: 000339609200001Scopus ID: 2-s2.0-84893618107OAI: oai:DiVA.org:kth-143010DiVA: diva2:705116
Note

QC 20140314

Available from: 2014-03-14 Created: 2014-03-14 Last updated: 2017-12-05Bibliographically approved

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