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Laws of thermodynamic description in the economic system

  • S. Prabakaran
  • , Carlos D. Paternina-Arboleda

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

Thermodynamics is a phenomenological science that derives its concepts directly from observation and experiment. The laws of thermodynamics can be considered as axioms of a mathematical model, and the fact that they are based upon commonplace observations makes them tremendously powerful and generally valid. In particular, the interest of applying thermodynamics in a systematic manner to describe the behavior of economic and financial systems has a long history [29]. In this paper we set out the first and second laws of Thermodynamics, which are fundamentals in the world of physics, and we examine the dynamics of the main processes encountered as applied to economic systems. And also we construct the mathematical model for constant pries process. And finally this paper end with conclusion.

Original languageEnglish
Pages (from-to)28657-28668
Number of pages12
JournalInternational Journal of Applied Engineering Research
Volume10
Issue number11
StatePublished - 2015
Externally publishedYes

Keywords

  • 1<sup>st</sup> law of thermodynamics
  • 2<sup>nd</sup> law of thermodynamics
  • Economics
  • Entropy and constant price
  • Thermal equilibrium
  • Thermodynamics

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