Economics and Finance

   

Rational Principles of Economics and Their Applications: A Legacy from Science

Authors: Gaurav Biraris

New approach to study economies is adopted in the paper. The change in prices is assumed solely by variation in demands or supplies. Cause of such variations is quantified. Efforts behind changes in demand, supply and prices are characterized as ‘potential’. The potential stems from different kind of resources and is utilized for trade or production; quantification of such utilization is done. We also have explored rules about flow of potential in economy. The laws can be used to study evolution of economies. A set of goods & services, population and initial prices can be considered as the economy for study. In addition to conventional parameters, we get a new state determining parameter for economy defined as ecomperature. Ecomperature mimics temperature from physics. Resources flow from sections of higher ecomperature to that of lower ecomperature to attain uniformity in ecomperatures. Some aspects of possible applications of the theory are discussed. The paper isn’t about interdisciplinary analogies or similarities, but it is about the foundative reasoning behind the scientific mechanisms.

Comments: 25 Pages.

Download: PDF

Submission history

[v1] 2017-11-27 07:23:30

Unique-IP document downloads: 7 times

Vixra.org is a pre-print repository rather than a journal. Articles hosted may not yet have been verified by peer-review and should be treated as preliminary. In particular, anything that appears to include financial or legal advice or proposed medical treatments should be treated with due caution. Vixra.org will not be responsible for any consequences of actions that result from any form of use of any documents on this website.

Add your own feedback and questions here:
You are equally welcome to be positive or negative about any paper but please be polite. If you are being critical you must mention at least one specific error, otherwise your comment will be deleted as unhelpful.

comments powered by Disqus