Statistical mechanics of money

Details Statistical mechanics of money Statistical mechanics of money

2000-01-30

arxiv.org/abs/cond-mat/0001432v4

Eur. Phys. J. B 17, 723 (2000)

Physics

Condensed Matter

Statistical Mechanics

7 pages, 5 figures, RevTeX. V.4: final version accepted to Eur. Phys. J. B: few stylistic revisions and additional references

Scientific paper

10.1007/s100510070114

In a closed economic system, money is conserved. Thus, by analogy with energy, the equilibrium probability distribution of money must follow the exponential Gibbs law characterized by an effective temperature equal to the average amount of money per economic agent. We demonstrate how the Gibbs distribution emerges in computer simulations of economic models. Then we consider a thermal machine, in which the difference of temperatures allows one to extract a monetary profit. We also discuss the role of debt, and models with broken time-reversal symmetry for which the Gibbs law does not hold.

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