Mathematical systems describing financial instability may be classified as dissipative systems, i.e. a structure characterized by the spontaneous appearance of symmetry breaking (anisotropy) and the formation of complex, sometimes chaotic, structures where interacting particles exhibit long range correlations.

In those branches of mathematics called dynamical systems and ergodic theory, the concept of a wandering set formalizes a certain idea of movement and mixing in such systems. When a dynamical system has a wandering set of non-zero measure, then the system is a dissipative system. This is very much the opposite of a conservative system, for which the ideas of the Poincaré recurrence theorem apply. Intuitively, the connection between wandering sets and dissipation is easily understood: if a portion of the phase space “wanders away” during normal time-evolution of the system, and is never visited again, then the system is dissipative. The language of wandering sets can be used to give a precise, mathematical definition to the concept of a dissipative system.

These descriptions from Wikipedia illustrates some of the setting of Jing Chen’s ambitions in renewing Economics based on analytical thermodynamic theory.

He suggests an unified entropy theory of value incorporating both objective marxian labour theory of value and subjective neoclassical utility theory - pdf

Further he develops an ecological economics on the same basis pdf

In a discipline where mainstream is almost lost in the fog, Jing Chens aspirations are very much welcome.