Regensburg 2004 – scientific programme

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AKSOE: Physik sozio-ökonomischer Systeme

AKSOE 8: Makro-ökonomische Modelle und Wirtschaftswachtum II

AKSOE 8.1: Talk

Wednesday, March 10, 2004, 16:00–16:30, H8

Thermodynamics of Economic Growth — •Jürgen Mimkes — Physik Department Universität Paderborn

Thermodynamics is a statistical theory, that applies to all large systems with constraints (E). In liquids atoms are under constraints of energy (E). In economies people are under constraint of capital (E). According to the second law of thermodynamics,

dW = d E - T dS

Work (W) in atomic systems increases the amount of energy (E) and reduces the energy distribution (S). T is ordering parameter, in liquids T is the temperature or mean kin. energy. In Carnot cycles work may be applied to raise (heat pump) or reduce (refrigerator) the temperature (T).

Work (W) in economic systems increases the amount of capital (E) and reduces the capital distribution (S). The economic temperature T is the mean capital or standard of living. The economic cycle of goods and capital corresponds to the Carnot cycle. Production cycles lead to exponential economic growth, to saturation or reduction of the standard of living (T). The results are compared to data of East-West Germany and US-Japan.