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 re-examined. Equal probabilities are deduced as a steady state of linear and non-linear 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 |
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Original Title: | The transfer of statistical equilibrium from physics to economics |

Language: | English |

Keywords: | Statistical equilibrium; thermodynamics; industrial economics |

Subjects: | 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: | 09 Oct 2019 16:51 |

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URI: | https://mpra.ub.uni-muenchen.de/id/eprint/30830 |