In this paper, we explicate a method of quantum hydrodynamics (QHD) for the study of the quantum evolution of a system of polarized particles. Although we focused primarily on the two-dimensional (2D) physical systems, the method is valid for three-dimensional (3D) and one-dimensional (1D) systems too. The presented method is based upon the Schr\"odinger equation. Fundamental QHD equations for charged and neutral particles were derived from the many-particle microscopic Schr\"odinger equation. The fact that particles possess the electric dipole moment (EDM) was taken into account. The explicated QHD approach was used to study dispersion characteristics of various physical systems. We analyzed dispersion of waves in a two-dimensional ion and hole gas placed into an external electric field, which is orthogonal to the gas plane. Elementary excitations in a system of neutral polarized particles were studied for 1D, 2D, and 3D cases. The polarization dynamics in systems of both neutral and charged particles is shown to cause formation of a new type of waves as well as changes in the dispersion characteristics of already known waves. We also analyzed wave dispersion in 2D exciton systems, in 2D electron-ion plasma, and in 2D electron-hole plasma. Generation of waves in 3D-system neutral particles with EDM by means of the beam of electrons and neutral polarized particles is investigated.
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