T he term evenly rotating economy (ERE) was introduced by Ludwig von Mises in order to distinguish the concept of static equilibrium used by economists from equilibrium models used by students of physical systems. In Mises' view, the mathematical model of physical science had been unwisely extended to economics by writers who had failed to recognize the essential difference between the subject ...

Computer simulations recently revealed that several liquids exhibit strong correlations between virial and potential energy equilibrium fluctuations in the NVT ensemble [U. R. Pedersen et al., Phys. Rev. Lett. 100, 015701 (2008)]. In order to investigate whether these correlations are present also far from equilibrium constant-volume aging following a temperature down jump from equilibrium was ...

This paper takes a step toward defining a continuous time methodology to analyze a class of time inconsistent capital accumulation games when the discount rate is non-constant and commitment is not possible. The subgame perfect and history independent equilibrium consumption policies are characterized with an equation that must be satisfied by the value function. The equation is reminiscent of ...

This study examines causal link between energy use and economic growth for five South Asian countries over period 1971-2006. Panel cointegration, ECM and FMOLS are applied for short and long run estimates. In short run unidirectional causality from per capita GDP to per capita energy consumption is found, but not vice versa. In long run one percent increase in per capita energy consumption tend...

We study the structure of the time evolution of the density matrix in contact with a thermal bath in a standard projection operator scheme. In general, the equation of motions of the density matrix with dissipative effects tends to lead any initial state into a steady state. The reduced density matrix of the system in the steady state is obtained by tracing out the degree of freedom of the ther...

In recent work, Baez, Fong and the author introduced a framework for describing Markov processes equipped with a detailed balanced equilibrium as open systems of a certain type. These “open Markov processes” serve as the building blocks for more complicated processes. In this paper, we describe the potential application of this framework in the modeling of biological systems as open systems mai...