# Financial Heat Machine

@article{Khrennikov2005FinancialHM, title={Financial Heat Machine}, author={Andrei Yu. Khrennikov}, journal={Investment management \& financial innovations}, year={2005}, volume={1} }

We consider dynamics of financial markets as dynamics of expectations and discuss such a dynamics from the point of view of phenomenological thermodynamics. We describe a financial Carnot cycle and the financial analog of a heat machine. We see, that while in physics a perpetuum mobile is absolutely impossible, in economics such mobile may exist under some conditions.

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