Victor Yakovenko

Victor YakovenkoIn existographies, Victor Yakovenko (1961-) (CR:35) is a Russian-born American physicist noted, in econophysics, for his 1998 to present work in promoting the subject of econophysics in America.

In 2000, Yakovenko and graduate student Romanian-born American physicist Adrian Dragulescu, argued that: [1]

“In a closed economic system, money is conserved. Thus, by analogy with energy, the equilibrium probability distribution of money must follow the exponential Boltzmann-Gibbs law characterized by an effective temperature equal to the average amount of money per economic agent.”

The following is the gist of their Boltzmann distribution money model:

Boltzmann distribution (money model)

Since about 2003, Yakovenko has been running an econophysics research group at the physics department of the University of Maryland, where he lists Barkley Rosser as one of his collaborators. [3]

In 2006, Yakovenko, expanding on the above “Boltzmann distribution money theory”, was the opening speaker at the American Physical Society focus session on econophysics. [2]

Information theory
In 2009, Yakovenko was a co-author of the monograph Classical Econophysics, the abstract of which is: [4]

“This book sets out to address some basic questions drawing from classical political economy and information theory and using an econophysics methodology: What is information? Why is it valuable? What is the relationship between money and information?”

No doubt this is a ride on the Shannon bandwagon. [5]

Yakovenko completed his undergraduate work and his MS (1984) at the Moscow Physical-Technical Institute, and his PhD in 1987 in theoretical physics at the Landau Institute for Theoretical Physics. Since 1993, he has been a physics professor at the University of Maryland.

1. Dragulescu, Adrian A. and Yakovenko, Victor M. (2000). “Statistical Mechanics of Money,” European Physical Journal B 17, 723–729.
2. Yakovenko, Victor. (2006). “Statistical Mechanics of Money, Income, and Wealth” (abs), American Physical Society, Focus Session: Econophysics, Mar 13.
3. Econophysics research (Victor Yakovenko’s group) – physics department, University of Maryland.
4. Cottrell, Allin F., Cockshott, Paul, Michaelson, Gregory J. Wright, Ian P., and Yakovenko, Victory. (2009). Classical Econophysics (abs). Taylor & Francis.
5. Thims, Libb. (2012). “Thermodynamics ≠ Information Theory: Science’s Greatest Sokal Affair” (url), Journal of Human Thermodynamics, 8(1): 1-120, Dec 19.

Further reading
● Yakovenko, Victor M. and Rosser, J. Barkley. (2009). “Colloquium: Statistical Mechanics of Money, Wealth, and Income”, ArXiv, Dec 24.
● Yakovenko, Victor M. (2009). “Econophysics, Statistical Mechanics, An Approach to”, in: Encyclopedia of Complexity and System Science (editors: R.A. Meyers) (abs). Springer.

● Yakovenko, Victor. (2013). “What Causes Inequality? An Econophysics Approach” (Ѻ), New Economic Thinking, Oct 25.

External links
Victor M. Yakovenko (faculty) – University of Maryland.
Econophysics (Yakovenko’s econophysics research group) – University of Maryland.

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