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The Invariance Principle and Income-Wealth Conservation Laws

In: Symmetry and Economic Invariance

Author

Listed:
  • Ryuzo Sato

    (New York University)

  • Rama V. Ramachandran

    (Pebble Brook Lane)

Abstract

In the early part of the nineteenth century William Rowan Hamilton discovered a principle which can be generalized to encompass many areas of physics, engineering and applied mathematics. Hamilton’s principle roughly states that the evolution in time of a dynamic system takes place in such a manner that integral of the difference between the kinetic and potential energies for the system is stationary. If the “action” integral is free of the time variable, the sum of the kinetic and potential energies, the Hamiltonian, is constant—the conservation law of the total energy.

Suggested Citation

  • Ryuzo Sato & Rama V. Ramachandran, 2014. "The Invariance Principle and Income-Wealth Conservation Laws," Advances in Japanese Business and Economics, in: Symmetry and Economic Invariance, edition 2, chapter 0, pages 113-142, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-54430-2_8
    DOI: 10.1007/978-4-431-54430-2_8
    as

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