In hmolscience, Massimiliano Ferrara (1972-) is an Italian mathematical economist noted for his 2003 to present efforts to make thermodynamic formulations of economics.
Overview
In 2008, Ferrara, in his “Advances on Thermoeconomics: a Model for the Equilibrium of European Union’s Economy (Geobiodynamics and Roegen Type Economy)”, in association with Constantin Udriste, noted for his “Thermodynamics versus Economics” (2007), et al, attempt to platform off Nicholas Georgescu-Roegen (1971), to do the following, rather bold, on the surface, sounding jump:
“The fundamental Gibbs-Pfaff equation of thermodynamics dU − TdS + PdV + ∑µkdNk = 0 is changed into fundamental Gibbs-Pfaff equation of economics dG − IdE + PdQ + ∑νkdNk = 0.”
Here we recall Edwin Wilson’s 1938 suggestion to Paul Samuelson to use Gibbs’ equation 133 to formulate a theory of economic equilibrium. When, however, we view their human thermodynamics variables table, as shown below, we see them using the letter rhyming derivation method, e.g. P of economic pressure equates to P of price (level of inflation), among other issues:
Another salient issue is their symbol usage, namely: they translated internal energy U, i.e. the internal energy of an economic system, into "growth potential", symbol G, which only sets up the remainder of their derivation, into confusion that economic potential is measured by Gibbs energy, symbol G.
Education
Ferrara completed his PhD in mathematical economics, and presently is associated with the Mediterranean University of Reggio Calabria, Italy.
Quotes
The following are noted quotes:
“The formal analytical-mathematical analogy between economics and thermodynamics is by now fairly well-known or at least accepted by economists and physicists alike.”
— Massimiliano Ferrara (2008), “Geobiodynamics and Roegen Type Economy”
Key
Ferrara was found in Google Scholar via the keys: Gibbs, sociology, economics, thermodynamics.
References
1. (a) Ferrara, Massimiliano. (2008). “Advances on Thermoeconomics: a Model for the Equilibrium of European Union’s Economy” (Geobiodynamics and Roegen Type Economy) (abs), Il Politico, LXXIII, 3:97-107.
(b) Ferrara, Massimiliano, Udriste, Constantin, Zugravescu, D. and Munteanu, F. (2008). “Geobiodynamics and Roegen Type Economy” (pdf), Far East Journal Mathematical Science, 28(3):681-693.
Further reading
● Ferrara, Massimiliano and Udriste, Constantin. (2003). “Area Associated Conditions to Thermodynamic and Economic Systems”, 2nd International Colloquium On Mathematics In Engineering And Num. Physics , April 2002 Bucharest (Romania) , Vol 8, pgs. 60-69 .
● Ferrara, Massimiliano and Udriste, Constantin. (2008). “Black Hole Models in Economics”, Tensor, 1(70):53-62.
External links
● Massimiliano Ferrara – ResearchGate.net.
● Massimiliano Ferrara (faculty) (Italian → English) – Mediterranean University of Reggio Calabria, Italy.
