PRINCIPLES OF ECONOMIC GROWTH

The economic system is viewed as a complex system of actors that interact by competition and coalition. Its evolution is described by morphodynamics, a general theory based on the thermodynamics of physical systems. The economic system then is represented as exchanging services and monetary signs with its environment, namely people. These exchanges are ruled by principles analogous to the principles of thermodynamics. Thus, reversible exchanges found a theory of money supply, wages and prices, whereas irreversible exchanges account for monetary profits, inflation and the long term growth of the economy.