Effect of Savings on a Gas-Like Model Economy with Credit and Debt

In kinetic exchange models, agents make transactions based on well-established microscopic rules that give rise to macroscopic variables in analogy to statistical physics. These models have been applied to study processes such as income and wealth distribution, economic inequality sources, economic growth, etc., recovering well-known concepts in the economic literature. In this work, we apply ensemble formalism to a geometric agents model to study the effect of saving propensity in a system with money, credit, and debt. We calculate the partition function to obtain the total money of the system, with which we give an interpretation of the economic temperature in terms of the different payment methods available to the agents. We observe an interplay between the fraction of money that agents can save and their maximum debt. The system’s entropy increases as a function of the saved proportion, and increases even more when there is debt.

Effect of Savings on a Gas-Like Model Economy with Credit and Debt

In this work, we apply ensemble formalism to a geometric agents model to study the effect of saving propensity in a system with money, credit, and debt. We calculate the partition function to obtain the total money of the system, with which we give an interpretation of the economic temperature in terms of the different payment methods available to the agents. We observe an interplay between the fraction of money that agents can save and the debt that can be financed. We also observe that the system’s entropy increases as the saved proportion increases and increases, even more, when debt is present.

THERMO-STATISTICAL THEORY OF KINETIC AND RELAXATION PROCESSES

We describe, in a short overview, the construction of a Nonequilibrium Statistical Mechanics Ensemble Formalism, providing a thermo-statistical theory of kinetic and relaxation processes. Such construction has been approached along the recently past 20th century by a pleiad of distinguished scientists, a work that can be subsumed in a large systematization in the form of a physically sound, general and useful, theoretical framework. We briefly comment on the main questions associated to that construction. Among them are the relevant ones of choice of the basic variables, and of historicity and irreversibility. The derivation of a nonequilibrium grand-canonical statistical operator and a brief description of the all-important accompanying Nonlinear Quantum Kinetic Theory of relaxation processes are presented. The aspect of validation of the theory (comparison of theory and experiment) is reviewed in compact form, and its use is illustrated in a study of a nonequilibrium system of quantum oscillators embedded in a thermal bath and under the action of an external force, showing how a far-reaching generalization of Mori–Langevin equations arises.