Economics And Thermodynamics
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Economics And Thermodynamics
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Author : Peter Burley
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09
Economics And Thermodynamics written by Peter Burley and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-09 with Business & Economics categories.
Over the past two decades we have witnessed something of a revolution in the natural sciences as thermodynamic thinking evolved from an equilibrium, or 'classical', perspective, to a nonequilibrium, or 'self organisational' one. In this transition, thermodynamics has been applied in new ways and in new fields of inquiry. Chemical and biological (evolutionary) processes have been analysed, increasingly, in non equilibrium thermodynamical terms. Economics has, since the late 19th century, relied heavily upon metaphors and analogies derived from the natural sciences - mechanical analogies cast in terms of traditional Newtonian physics and expressed in terms of Cartesian logic have been especially popular. Thermodynamics, on the other hand, has been less popular, despite its early application in economics by Stanley Jevons, the father of modern notions of utility maximisation in neoclassical economics, and despite its promotion in economic contexts by Paul Samuelson, the author of the definitive treatise upon which post war neoclassical economic theory was based, namely, his Foundations of Economic Analysis. The general neglect of thermodynamic thinking in economics was brought to our attention by Nicholas Georgescu-Roegen in the late 1960s, by which time economic theory, evidenced in, for example, the Arrow Debreu general eqUilibrium system, had become so sophisticated that it could not be penetrated by thermodynamical ideas. To Georgescu Roegen, this presented something of a crisis in economics because neglect of thermodynamics led, in his view, to blindness amongst economists to an economy/environment problem in the global economy.
The Physical Foundation Of Economics
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Author : Jing Chen
language : en
Publisher: World Scientific
Release Date : 2005
The Physical Foundation Of Economics written by Jing Chen and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Social Science categories.
All human activities, including mental activities, are governed by physical laws and are essentially thermodynamic processes. However, current economic theories are not established on these foundations. This pioneering book seeks to develop an analytical theory of economics on the foundation of thermodynamic laws. A unified understanding of economic and social phenomena is presented, an understanding that is much simpler than what mainstream economic theory has to offer. Its aim is to revolutionize thinking in economics and transform social sciences into an integral part of the physical and biological sciences.
The Second Law Of Economics
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Author : Reiner Kümmel
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-24
The Second Law Of Economics written by Reiner Kümmel and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-24 with Science categories.
Nothing happens in the world without energy conversion and entropy production. These fundamental natural laws are familiar to most of us when applied to the evolution of stars, biological processes, or the working of an internal combustion engine, but what about industrial economies and wealth production, or their constant companion, pollution? Does economics conform to the First and the Second Law of Thermodynamics? In this important book, Reiner Kümmel takes us on a fascinating tour of these laws and their influence on natural, technological, and social evolution. Analyzing economic growth in Germany, Japan, and the United States in light of technological constraints on capital, labor, and energy, Professor Kümmel upends conventional economic wisdom by showing that the productive power of energy far outweighs its small share of costs, while for labor just the opposite is true. Wealth creation by energy conversion is accompanied and limited by polluting emissions that are coupled to entropy production. These facts constitute the Second Law of Economics. They take on unprecedented importance in a world that is facing peak oil, debt-driven economic turmoil, and threats from pollution and climate change. They complement the First Law of Economics: Wealth is allocated on markets, and the legal framework determines the outcome. By applying the First and Second Law we understand the true origins of wealth production, the issues that imperil the goal of sustainable development, and the technological options that are compatible both with this goal and with natural laws. The critical role of energy and entropy in the productive sectors of the economy must be realized if we are to create a road map that avoids a Dark Age of shrinking natural resources, environmental degradation, and increasing social tensions.
Thermoeconomics
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Author : John Bryant
language : en
Publisher:
Release Date : 2012
Thermoeconomics written by John Bryant and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
This book stems from peer-reviewed work the author has published in energy and scientific journals, and follow-up working papers produced on the many links between economics, energy and thermodynamics. Topics covered in this third edition of the book include the gas laws, the distribution of income, the 1st and 2nd Laws of Thermodynamics applied to economics, economic processes and elasticity, entropy and utility, production processes, empirical monetary and employment analysis of the UK and USA economies up to 2011, interest rates, investment and discounted cash flow, bond yield and spread, unemployment, entropy maximization principles, business cycles and reaction kinetics. A chapter is devoted to in-depth analyses of world energy resources and climate change as factors that will impact on economic output. The book finishes with a discussion of the future sustainability of the economic system commensurate with prevailing constraints. The book is aimed at the professional/scholarly and further/higher education economics and science markets
Integrating Economics Ecology And Thermodynamics
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Author : Matthias Ruth
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Integrating Economics Ecology And Thermodynamics written by Matthias Ruth and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
Economies are open systems embedded in an ecosystem with which they exchange matter and energy. Interactions among these systems are vital for each system's performance and are constrained by the laws of physics. This volume pays tribute to economy--environment interactions simultaneously from an economic, ecological and physical perspective. Integrating Economics, Ecology and Thermodynamics provides a first step in identifying and combining the principles of economics, ecology and thermodynamics on a fundamental level. Part I lays out the general context for the approach chosen. Part II familiarizes readers with core concepts of, and methods used in, the three disciplines of economics, ecology and thermodynamics. Part III assesses ways in which these disciplines can be integrated to provide an improved understanding of economy--environment interactions. Part IV illustrates the integration of the three disciplines with a dynamic model of a human community interacting with its environment. In Part V the volume closes with a brief summary and a set of conclusions on the relevance of integrated, interdisciplinary approaches to economy--environment interactions.
Physical Foundation Of Economics The An Analytical Thermodynamic Theory
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Author : Jing Chen
language : en
Publisher: World Scientific
Release Date : 2005-09-23
Physical Foundation Of Economics The An Analytical Thermodynamic Theory written by Jing Chen and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-23 with Business & Economics categories.
All human activities, including mental activities, are governed by physical laws and are essentially thermodynamic processes. However, current economic theories are not established on these foundations. This pioneering book seeks to develop an analytical theory of economics on the foundation of thermodynamic laws. A unified understanding of economic and social phenomena is presented, an understanding that is much simpler than what mainstream economic theory has to offer. Its aim is to revolutionize thinking in economics and transform social sciences into an integral part of the physical and biological sciences.
Economics And Thermodynamics
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Author : Schmuel Amir
language : en
Publisher:
Release Date : 1992
Economics And Thermodynamics written by Schmuel Amir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Econometrics categories.
Economics Entropy And The Environment
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Author : Thomas Randolph Beard
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999
Economics Entropy And The Environment written by Thomas Randolph Beard and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Offers a critical review of the work of Nicholas Georgescu-Roegen in conventional economics, environmental economics, and methodology. Presents a brief biographical sketch, then reviews his methodology and evaluates his contributions to the field. Particular attention is paid to the role of thermodynamics in his economics, with an economist's primer on thermodynamics and description of the role thermodynamics plays in his work. A final chapter describes bioeconomics as a way to integrate many of his views. Beard teaches economics at Auburn University. Lozada teaches economics at the University of Utah. Annotation copyrighted by Book News, Inc., Portland, OR
Econodynamics
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Author : George Walker
language : en
Publisher:
Release Date : 2006-01-01
Econodynamics written by George Walker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Economics categories.
Entropy Water And Resources
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Author : Horst Niemes
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-05-30
Entropy Water And Resources written by Horst Niemes and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-30 with Business & Economics categories.
This book lies at the intersection of natural sciences, economics, and water en- neering and is in line with the long tradition of environmental economics at the University of Heidelberg. In the 1970s, the Neo-Austrian Capital Theory was developed using the fundamental laws of thermodynamics as a common language between the natural and social sciences. Niemes (1981) integrated the dynamic and irreversibility characteristics of the natural environment into the Neo-Austrian c- ital theory. Faber et al. (1983, 1987, 1995) then extended this interdisciplinary approach further to create a comprehensive, dynamic, environmental resource model. Over the last 3 decades, the theoretical foundations of environmental economics have been modi ed and there have been an impressive variety of applications. This book aims to reduce the gaps between economic theory, natural sciences, and engineering practice. One of the reasons these gaps exist is because economic assumptions are used to construct dynamic environmental and resource models, which are not consistent with the fundamental laws of the natural sciences. Another reason for the gap might be the distance between academic theory and real world situations. Based on an extended thermodynamic approach, the authors explain which economic assumptions are acceptable for constructing a dynamic model that is consistent with the natural sciences. In particular, the special role of water in the production and reproduction activities will be considered as an integral component.