I'm sure many Steemit people are funs of Elon Musk. He said that we must treat every discipline from the point of view of physics.
Why we must follow Musk's advice?
Because, physical principles are universal not only in relation to natural sciences, but also social, such as economics.
In fact, it was noted by Pierre Laplace in the early 19th century:
"All the effects of Nature are only the mathematical consequences of a small number of immutable laws".
This general law is called the "principle of least action":
δS = ∫Ldt.
This law contains in single and elegant form contains all laws of Newtonian dynamics. It is also can be used to derive Schredinger's equation of quantum mechanics.
By the same token, it can be used to formulate all micro and macroeconomic laws.
That's exactly what I do in my book "What is economics from the point of view of physics". As many followers of Austrian school of economics know, it doesn't use mathematics at all. Austrians disdain application of natural sciences to economics as too mechanical. I agree that all economical variables are relative. There are no absolute constants and fixed relationships between quantities and values in economics. But use of mechanical principles doesn't imply that. On the contrary physics can explain and derive many economics laws in a straightforward and rigorous way.
I my book I used this analogy of economic and mechanical variables first to the exchange equation. I formulated general price or value formula in a differential form exactly as Menger and Bowh-Bawerk formulated it:
p = dq/dt.
This formula is also applicable to mining of Blockchain currencies, such as bitcoin.
Then these variables can be used in the principle of least action, known as variational formulation of the laws of mechanics. From there we can derive the law of marginal utility, find out that GDP is meaningless.
Here's the link to the first edition of book in kindle format which I used in order to reserve my author's rights. I'm currently finishing extended hard copy edition of the book. Unfortutely, academic economic publication Springer didn't accept my article claiming that there's nothing new in it.