Are Economic Maxwell's Daemons allowed by the laws of econophysics?
If so, who would have one?
Presumably following the flow of hot money would reveal it.
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Are Economic Maxwell's Daemons allowed by the laws of econophysics?
If so, who would have one?
Presumably following the flow of hot money would reveal it.
Finance seems to already defy the laws of thermodynamics. It is non-conservative, money is both created and destroyed. And it doesn't obey the the laws of thermodynamics. With time the entropy of the system decreases, with more money going those who already have it.
http://boomeria.org/physicslectures/maxwell.html
yup, which is why a Fokker-Planck equation with sink/source terms provides an interesting model; with very familiar looking solutions consisting of a "thermalized" core and power law tail for N($).
With the associated effective negative heat capacity, and thermalcatastrophe...
I don't think anyone has even calculated the relaxation timescale, it should be a small multiple of the money supply/velocity of money...