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| | The Thermodynamic Approach to the Market Equilibrium (Site not responding. Last check: 2007-10-21) |
 | | The basic idea of such a model is that small deviations of the system from the point of equilibrium produce “forces” which try to return the system to the equilibrium state. |
 | | According to this concept, the system gets in the state of equilibrium not because it is being affected by “forces,” but simply because this is the most probable state of the system, consisting of numerous parts, each of which is characterized by its independent dynamics. |
 | | In terms of thermodynamic approach to equilibrium, the system, instead of evolving in time, simply changes its position in the space of macroscopic parameters, remaining on a certain surface, the surface of state, singled out by the “equation of state.” Such a metaphor of equilibrium essentially differs from the mechanical one. |
| www.santafe.edu /sfi/publications/wpabstract/200304027 (339 words) |
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