Journal
PHYSICA B-CONDENSED MATTER
Volume 403, Issue 2-3, Pages 231-236Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.physb.2007.08.017
Keywords
hysteresis; macroeconomic flows; heterostasis; Preisach model
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Macroeconomic processes are often conceptualised as flows, and analogies are drawn with physical flow processes. Most economic processes, however, carry inherent irreversibility, a fact which these analogies neglect. A better metaphor for economic flows is suggested, involving flows through porous media. This new conceptual framework incorporates important features such as irreversibility and heterostasis through the use of hysteresis. A simple example model is derived, which may be used to derive qualitative results. (c) 2007 Elsevier B.V. All rights reserved.
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