Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/217578 
Year of Publication: 
2015
Citation: 
[Journal:] Journal of Central Banking Theory and Practice [ISSN:] 2336-9205 [Volume:] 4 [Issue:] 3 [Publisher:] De Gruyter Open [Place:] Warsaw [Year:] 2015 [Pages:] 65-89
Publisher: 
De Gruyter Open, Warsaw
Abstract: 
As a synthesis of economics and physics and an attempt to apply the methods and models of statistical physics to economics, econophysics is presently a new, growing and very dynamic branch of modern science. Therefore, the subject of this paper is to analyse the relationship and interdependence between thermodynamics and economics, and it aims to show similarities, analogies and correspondence between the main categories, methods and models of thermodynamics on one hand, and economics on the other. The paper analyses the relation between economics and thermodynamics, as well as the probability distribution in the kinetic theory of gases corresponding to money, income and wealth distribution, connects entropy with utility and the principle of operation of the thermal engine with economic exchange. The final part of the paper empirically analyzes temperature differences in the exchange between Serbia and the selected EU countries. There are differences in temperature between Serbia and the group of selected countries. Results of the empirical analysis shows that the exchange between countries is based on principles of thermodynamics and that developed countries generate more profits and benefits from exchange.
Subjects: 
econophysics
thermodynamics
thermal machine
entropy
utility
the quantity theory of money
JEL: 
A12
C99
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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