The partition function of the interacting Bose fluid is represented by an integral over function space and is evaluated approximately by an extension of the saddle-point method. In this way a vortex-ring model is derived from first principles. The superfluid phase of the Bose fluid is represented by a uniform field with a small number of quantized vortex rings of small circumference. In the normal phase the field is in a state of stationary homogeneous turbulence on a microscopic scale. The model leads to a combinatorial problem which, when solved approximately, gives a specific-heat exponent α = 1 3 . The analogy with the droplet model of condensation is discussed.
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