The quote below is from this excellent tutorial Baierlein: The elusive chemical potential
Any response to the question, ‘‘What is the meaning of the
chemical potential?,’’ is necessarily subjective. What satisfies
one person may be wholly inadequate for another. Here
I offer three characterizations of the chemical potential (denoted
by $\mu$) that capture diverse aspects of its manifold nature.
(1) Tendency to diffuse. As a function of position, the chemical
potential measures the tendency of particles to diffuse.
(2) Rate of change. When a reaction may occur, an extremum of some
thermodynamic function determines equilibrium. The chemical potential
measures the contribution (per particle and for an individual species)
to the function’s rate of change.
(3) Characteristic energy. The chemical potential provides a
characteristic energy: $(\partial E/\partial N)_{S,V}$ , that is, the change in energy when
one particle is added to the system at constant entropy (and constant
volume).
These three assertions need to be qualified by contextual
conditions, as follows.
(a) Statement (1) captures an essence, especially when the temperature
$T$ is uniform. When the temperature varies spatially, diffusion is
somewhat more complex and is discussed briefly under the rubric
‘‘Further comments’’ in Sec. IV.
(b) Statement (2) is valid if the temperature is uniform and fixed.
If, instead, the total energy is fixed and the temperature may vary
from place to place, then $\mu/T$ measures the contribution. When one
looks for conditions that describe chemical equilibrium, one may focus
on each locality separately, and then the division by temperature is
inconsequential.
(c) The system’s ‘‘external parameters’’ are the macroscopic
environmental parameters (such as external magnetic field or container
volume) that appear in the energy operator or the energy eigenvalues.
All external parameters are to be held constant when the derivative in
statement (3) is formed. The subscript $V$ for volume illustrates
merely the most common situation. Note that pressure does not appear
in the eigenvalues, and so—in the present usage—pressure is not an
external parameter.