Parrinello, Sergio and Fujimoto, Takao (1995): The transfer of statistical equilibrium from physics to economics.

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Abstract
Two applications of the concept of statistical equilibrium, taken from statistical mechanics, are compared: a simple model of a pure exchange economy, constructed as an alternative to a walrasian exchange equilibrium, and a simple model of an industry, in which statistical equilibrium is used as a complement to the classical long period equilibrium. The postulate of equal probability of all possible microstates is critically reexamined. Equal probabilities are deduced as a steady state of linear and nonlinear Markov chains. S. Parrinello wrote the first draft, presented at the “Conference Growth, Unemployment and Distribution: alternative approaches”, (New School for Social Research, New York, March 1995) and published as a Working Paper of the Dipartimento di Economia Pubblica, Università "La Sapienza", Roma (July, 1995). Later T. Fujimoto added section 4 together with Appendix II. Abridged Italian version: S. Parrinello, "Equilibri Statistici e Nuovi Microfondamenti della Macroeconomia", in Incertezza, Moneta, Aspettative ed Equilibrio: saggi in onore di Fausto Vicarelli, a cura di Claudio Gnesutta, Il Mulino, Bologna, 1996.
Item Type:  MPRA Paper 

Original Title:  The transfer of statistical equilibrium from physics to economics 
Language:  English 
Keywords:  Statistical equilibrium; thermodynamics; industrial economics 
Subjects:  C  Mathematical and Quantitative Methods > C1  Econometric and Statistical Methods and Methodology: General > C16  Specific Distributions A  General Economics and Teaching > A1  General Economics > A12  Relation of Economics to Other Disciplines B  History of Economic Thought, Methodology, and Heterodox Approaches > B1  History of Economic Thought through 1925 > B16  Quantitative and Mathematical 
Item ID:  30830 
Depositing User:  Sergio Parrinello 
Date Deposited:  10. May 2011 15:21 
Last Modified:  18. Feb 2013 02:49 
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URI:  http://mpra.ub.unimuenchen.de/id/eprint/30830 