We point out that, there is effect structure in physical laws which is noticed from both phenomenological and postulate points of view. Here we consider effect structure in equations of state (EoS). Effect of one variable to the other variables are expressed as a diagram. Formal criteria to judge a status of EoS of an empirical relation is proposed here for classifying the EoS into classes. The framework shades light on testing of existence of an EoS in economics system. Demand-side EoS in perfect-competitive market is proposed employing hints given by the criteria. The demand-side EoS turns to be new class of EoS.
How do domestic political conflicts affect capital flows into Thailand? This article advances the current understanding in two ways. First, it adopts a new method for measuring political uncertainty using Thai-language newspapers over the past 20 years. Given that the nature of political conflicts is multi-faceted, these measures cover the various key components of Thai political tensions—both within and outside of parliament. Second, how different types of tensions affect capital flows are examined using a quantile regression framework—allowing an examination of effects upon the overall distribution of capital flows. The empirical results indicate that Thai political conflicts significantly and adversely affect both foreign direct investment and foreign portfolio investment at the left tails of their distribution. The results also highlight how different types of political conflicts affect capital flows in different ways. For example, uncertainty about a military coup and government measures regarding martial law or emergency decrees have a strong negative effect upon foreign direct investment flows; whereas heightened political protest and news about constitutional reform play a significant role in explaining the risk reversal of foreign portfolio investment flows.
This work critics on nature of thermodynamics coordinates and on roles of the variables in the equation of state (EoS). Coordinate variables in the EoS are analyzed so that central concepts are noticed and are used to lay a foundation in building of a new EoS or in testing EoS status of a newly constructed empirical equation. With these concepts, we classify EoS into two classes. We find that the EoS of market with unitary price demand and linear price-dependent supply function proposed by [1], is not an EoS because it has only one degree of freedom.
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