3 papers
econ.GN2026
Towards macroeconomic analysis without microfoundations: measuring the entropy of simulated exchange economies
Yihang Luo, Robert S. MacKay, Nick Chater
The theory of thermal macroeconomics (TM) analyses economic phenomena within the mathematical framework of classical thermodynamics, using a set of axioms that apply to the purely…
econ.GN2024
Thermal Macroeconomics: An axiomatic theory of aggregate economic phenomena
N. J. Chater, R. S. MacKay
An axiomatic approach to macroeconomics based on the mathematical structure of thermodynamics is presented. It deduces relations between aggregate properties of an economy, concern…
econ.GN2024
Tests of thermal macroeconomic theory on simulated micro-economies
Yihang Luo, R. S. MacKay, Nick Chater
In this paper, we test predictions of a new theory of macroeconomics, called "thermal macroeconomics." The theory aims to apply the mathematical structure of classical thermodynami…