Georg Tillerman
unread,Dec 3, 2023, 7:33:13 AM12/3/23You do not have permission to delete messages in this group
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one may do well to compare these;
the first law of thermodynamics [FLT] and 'the phillips curve' [PC]
[FLT} is like this'
U = q + w
and this says that essentially, the internal energy of the system
is a function of the useful work done by the system and the heat
generated by the system in doing this work.
now, my understanding of teh phillips curve is basically this;
the interest rate of an economy [I] is some function
of price stability [PS] and employment [E]
[I] = f[PS] + g[E]
now, if you look at these, they are very similar.
where interest rates behave somethinglike a
braking mechanism on an economic machine
and [E] is a work function while [PS] is a function of 'heat'
the phillips curve, in some variation,
seems to mirror the 'natural law'
of heat dynamics.
two very simple equations.
Interest rates =are= a function of internal energy of teh system
employment -is- a function of WORK done by system
and inflation and price stability -is- associated
with HEAT generation BY the system.
just, before you say "phillips curve is an outdated notion from
the past and we have new telephones which nullify this reckoning"
the P curves similarity With a natural law
doesn't just disappear into modernity.
U = q + w
I = f[PS] + g[E]
very simple arrangement...
like saying F = mA disappears into modernity, and it Doesn't...
etc.