Monetary economics from econophysics perspective
| Autor: | Victor M. Yakovenko |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
General Economics (econ.GN)
Econophysics media_common.quotation_subject Physical science Economic agents General Physics and Astronomy Monetary economics Quantitative Finance - Economics 01 natural sciences 010305 fluids & plasmas FOS: Economics and business Debt 0103 physical sciences Economics General Materials Science Physical and Theoretical Chemistry Quantitative Finance - General Finance General Finance (q-fin.GN) 010306 general physics Plain language media_common |
| Zdroj: | The European Physical Journal Special Topics. 225:3313-3335 |
| ISSN: | 1951-6401 1951-6355 |
| DOI: | 10.1140/epjst/e2016-60213-3 |
| Popis: | This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics Be a Physical Science?" The first part of the paper traces the personal path of the author from theoretical physics to economics. It briefly summarizes applications of statistical physics to monetary transactions in an ensemble of economic agents. It shows how a highly unequal probability distribution of money emerges due to irreversible increase of entropy in the system. The second part examines deep conceptual and controversial issues and fallacies in monetary economics from econophysics perspective. These issues include the nature of money, conservation (or not) of money, distinctions between money vs. wealth and money vs. debt, creation of money by the state and debt by the banks, the origins of monetary crises and capitalist profit. Presentation uses plain language understandable to laypeople and may be of interest to both specialists and general public. Comment: 23 pages, 1 figure |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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