Work

Constructal Law Leads to Discovery of the Fundamental Law in Economics

Year: 2024

Type: conference-paper

Abstract: Fundamental Law of Economics (FLoE). A finitely (not infinitely) converging algorithm addressing the dual market variables price and quantity simultaneously represents the mathematical formulation for the economic globalization of the planet. The document discusses the application of the Constructal Law and the Fundamental Law of Economics in addressing resistance to flow in economic systems, leading to the globalization of the planet.

Source: 14th CONSTRUCTAL LAW CONFERENCE | 10-11 October 2024 Bucharest Romania

DOI: 10.59277/clc.2024.38

Authors: MIRCEA SCURTU, ELMOR L. PETERSON

Institution: North Carolina State University

Language: English

Topic: Complex Systems and Time Series Analysis

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: bronze

OpenAlex ID: W4407045752

FWCI:

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