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Bifurcations of the entropy law
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This RePEc Biblio topic is edited by Yuri Fyodar Maksimenko Sr.. It was first published on 2013-04-15 04:49:47 and last updated on 2017-04-30 14:20:40.
Introduction by the editorThe most general law that determines the evolution of an economy is the law of entropy. It makes the economy always choose a way towards minimum entropy. But how entropies of different states of the economy can be compared? The entropy doesn't exist unless all the possible states of the economy are defined. We shall call the manifold of elements of these states the Configuration Space (CS). Then the entropy will measure the uncertainty of the distribution of energy over the CS. Reading the literature we are usually unaware of the entropy law because the literature operates with inappropriate words - crises, turmoil, choice, investment, revolution and so on. One has to apply the conception and discern the law. Actually it is not the entropy that poses a problem but the CS. Any economy has a specific CS and in the course of evolution the CS becomes unstable. It reveals the existence of incompatible subsystems which in common produce a dithering space where the entropy becomes dependent upon the choice of alternative subspaces. This choice is very precarious and its outcome often depends on some salient elements of the subspaces (such as charismatic leaders). But once done, it makes the alternative choices more certain for the future periods. The analysis of these bifurcations involves multidisciplinary approach and as a rule cannot be done logically because the CS consists of vague elements which are not amenable to the strict scientific language.
Most relevant link for this topichttp://nonmon.esy.es/entropy.html
Most relevant JEL codes
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
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Most relevant research
- Arturo Guilln, 2012. "Europe: The Crisis Within a Crisis," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 41(3), pages 41-68, October.
- Kotaro Suzumura, 2002. "Introduction to social choice and welfare," Temi di discussione (Economic working papers) 442, Bank of Italy, Economic Research and International Relations Area.
- Campanella, Edoardo, 2009. "The triffin dilemma again," Economics Discussion Papers 2009-46, Kiel Institute for the World Economy (IfW).
- Fabrice Le Lec & Benoît Tarroux, 2012. "On attitude towards choice - Some experimental evidence of choice aversion," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201230, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
- Engelbert Stockhammer & Paul Ramskogler, 2008.
"Post Keynesian economics - how to move forward,"
Department of Economics Working Papers
wuwp124, Vienna University of Economics and Business, Department of Economics.
- Engelbert Stockhammer & Paul Ramskogler, 2009. "Post-Keynesian economics How to move forward," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 6(2), pages 227-246.
- Claudio Borio, 2008. "The financial turmoil of 2007-?: a preliminary assessment and some policy considerations," BIS Working Papers 251, Bank for International Settlements.
- Douglass C. North, 1994. "The Historical Evolution of Polities," Economic History 9411007, EconWPA, revised 14 Dec 1994.
- Hasan, Zubair, 2004. "The New World Order, Muslim Predicament, and the way out," MPRA Paper 3009, University Library of Munich, Germany.
- Colin Jennings & Alan Hamlin, 2004. "Leadership and Conflict," Economics Series Working Papers 200, University of Oxford, Department of Economics.
- Albrecht Kauffmann, 2005. "Structural Change during Transition: Is Russia Becoming a Service Economy?," Volkswirtschaftliche Diskussionsbeiträge 80, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät.
- Muntean, Mihaela-Carmen & Nistor, Costel & Manea, Ludmila Daniela, 2009. "The Knowledge Economy," MPRA Paper 18256, University Library of Munich, Germany.
- Hasan, Zubair Hasan, 2014. "The recent turmoil and monetary policy in a dual financial system with Islamic perspective," MPRA Paper 57133, University Library of Munich, Germany.