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Article

Finite-Time Thermodynamics in Economics

1
Ailamazyan Program Systems Institute of Russian Academy of Sciences, 152120 Rostov, Russia
2
Institute of Systems and Program Engineering and Information Technologies, National Research University of Electronic Technology, 124482 Zelenograd, Russia
*
Author to whom correspondence should be addressed.
Entropy 2020, 22(8), 891; https://doi.org/10.3390/e22080891
Submission received: 15 July 2020 / Revised: 7 August 2020 / Accepted: 12 August 2020 / Published: 13 August 2020
(This article belongs to the Special Issue Finite-Time Thermodynamics)

Abstract

In this paper, we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factors using the wealth function concept. The existence of the welfare function is proved, the concept of capital dissipation is introduced as a measure of the irreversibility of processes in the microeconomic system, and the economic balances are recorded, including capital dissipation. Problems in the form of kinetic equations leading to given conditions of minimal dissipation are considered.
Keywords: thermodynamics; economics; optimal processes; irreversibility thermodynamics; economics; optimal processes; irreversibility

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MDPI and ACS Style

Tsirlin, A.; Gagarina, L. Finite-Time Thermodynamics in Economics. Entropy 2020, 22, 891. https://doi.org/10.3390/e22080891

AMA Style

Tsirlin A, Gagarina L. Finite-Time Thermodynamics in Economics. Entropy. 2020; 22(8):891. https://doi.org/10.3390/e22080891

Chicago/Turabian Style

Tsirlin, Anatoly, and Larisa Gagarina. 2020. "Finite-Time Thermodynamics in Economics" Entropy 22, no. 8: 891. https://doi.org/10.3390/e22080891

APA Style

Tsirlin, A., & Gagarina, L. (2020). Finite-Time Thermodynamics in Economics. Entropy, 22(8), 891. https://doi.org/10.3390/e22080891

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