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

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 separations with respect to dynamics in economics, commonly used at present, and adopting the physico-dynamical concepts of energy, motion, and momentum, connections between the economic phase space and the related space of events are established. (C) 1995 Academic Press, Inc.