In 2019, Gumjudpai, in his “Thermodynamic Formulation of Economics”, a MS thesis in economics, one of the top four human thermodynamics dissertations of the last decade, building on Leon Walras, Irving Fisher, Paul Samuelson, Johannes Lisman, and Wayne Saslow, attempted to ferret out an equation of state for economic systems. 
In Oct 2020, Gumjudpai won the bi-annual Richard Newbold Adams Award for “Integration of Natural Science and Social Science", presented by the International Association for the Integration of Science and Engineering (IAISAE). 
Gumjudpai completed his BSc in physics at Chiang Mai University, Thailand, in 1996, his MS in physics at University of Sussex in 1999, his PhD in cosmology in 2003 at University of Portsmouth, and his M.Econ. in financial economics in 2020 at National Institute of Development Administration (NIDA), Bangkok. 
Quotes | Employed
The following are quotes employed by Gumjudpai:
- “The formal mathematical analogy between classical thermodynamics and mathematic economic systems has now been explored. This does not warrant the commonly met attempt to find more exact analogies of physical magnitudes, such as entropy or energy, in the economic realm. Why should there be laws like the first or second laws of thermodynamics holding in the economic realm? Why should ‘utility’ be literally identified with entropy, energy, or anything else? Why should a failure to make such a successful identification lead anyone to overlook or deny the mathematical isomorphism that does exist between minimum systems that arise in different disciplines.”
- “Economics, because it does not recognize an equation of state or define prices intrinsically in terms of equilibrium, lacks the close relation between measurement and theory physical thermodynamics enjoys.”
- Gumjudpai, Burin. (2019). “Thermodynamic Formulation of Economics” (pdf), Masters of Economics (Financial Economics), advisor: Yuthana Sethapramote, School of Development Economics, National Institute of Development Administration, Thailand.
- Honors – IAISAE.org.
- CV – Burin Gumjudpai.
- Samuelson, Paul. (1960). “Structure of a Minimum Equilibrium System”, Essays in Economics and Econometrics: a Volume in Honor of Harold Hotelling (editor: Ralph Pfouts) (pgs. 1-33; quote, pg. 23). University of North Carolina Press.
- Smith, Eric and Foley, Duncan. (2008). "Classical Thermodynamics and Economic General Equilibrium Theory" (pdf), Journal of Economic Dynamics and Control, 32:7-65, Department of Economics Graduate Faculty, New School University, 2005 manuscript.
● Gumjudpai, Burin; Sethapramote, Yuthana. (2019). “Nature of Thermodynamics Equation of State Towards Economics Equation of State” (abs) (pdf), Proceedings of the 11th Silpakorn University Research Fair, Silpakorn University, Thailand; ArXiv.org, Jul 10.
- Gumjudpai, Burin. (2018). “Master of Science Program (Theoretical Physics) at IF” (vid), IF Channel, Dec 10.
- Gumjudpai, Burin. (2020). “Thermodynamic Formulation of Economics” (abs) (ppt pdf) (extended abstract pdf) (vid), Session T08: Theoretical Advances II, Thermodynamics 2.0 Conference, Jun 23.