Can Entropy Theory Explain Economic Systems?

[Steven Vincent]

How did you find PF?

google

Hi. I'm an economist working on a generalized physical theory of entropy to be applied to economic systems. This would fall under the general rubric of Systems Theory, Emergence Theory, Self-organization and Social Entropy Theory. I blog on the financial system/markets at [link deleted by the Mentors]

 

[BillTre]

This subject reminds me of this post I made a while ago about Cesar Hidalgo’s 2015 book: “Why Information Grows”.
Interesting stuff to me anyway.

 

[Steven Vincent]

Thanks. I read the blurb on Amazon and I got the impression he was looking at Information in the Stiglitz way as an economic product/asset/entity rather than the Shannon Entropy way, which is what I am really interested in. Is that correct?

 

[BillTre]

Could be. Not sure what Stiglitz way is, but the Shannon way.
The argument is an accumulation of complexity able to generate a greater more and different products.
I think he consults on economic development.
My personal interest is in its application to biology.

 

[berkeman]

How did you find PF?: google

Hi. I'm an economist working on a generalized physical theory of entropy to be applied to economic systems. This would fall under the general rubric of Systems Theory, Emergence Theory, Self-organization and Social Entropy Theory. I blog on the financial system/markets at [link deleted by the Mentors]

Welcome to PhysicsForums. We look forward to reading your papers when they've been published -- they will be great thread starters.

This thread here is just for brief introductions, so to start a more detailed discussion, please start a thread in the main technical forums. Thanks.

 

[Steven Vincent]

Could be. Not sure what Stiglitz way is, but the Shannon way.
The argument is an accumulation of complexity able to generate a greater more and different products.
I think he consults on economic development.
My personal interest is in its application to biology.

Yeah I read some of the reviews and they indicate he is taking more of a Shannon/Information Theoretic/Systems Theory approach to it...which is what I am looking for. Thanks for the tip!

 

[BillTre]

OK. I'm no entropy expert, but find it interesting.