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Thermoeconomics

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This RePEc Biblio topic is edited by Yuri Fyodar Maksimenko Sr.. It was first published on 2013-03-24 09:13:36 and last updated on 2017-04-26 08:48:51.

Introduction by the editor

Thermoeconomics - is it a science for economy? Everyone can answer this question if he (she) casts his (her) looks at the general evolution of economic thought during XIX - XX centuries. First it was the theory of "invisible hand" controlling the reproduction of life through sell and buy, solar energy was a thing taken for granted. Soon it was noticed that economy was a system which consumed and produced energy with efficiency exceeding 100% (surplus product) which seemingly contradicted the second law of thermodynamics. The explanation of the phenomenon was found in the qualities of labour which produced a manifold of economic values and sophisticated social problems. It was an enticing idea to avoid the uncertain qualities of labour and directly apply the laws of thermodynamics to the economic theory. This effort became known as "thermoeconomics". It failed to be acknowledged as an adequate description of economy because it could not tackle the economic values but it focused the attention of economists upon the natural property of uncertainty. Thermoeconomics showered that any economic activity dissipates energy and thus ultimately leads the world to the state of maximum uncertainty (chaos). Contrary to this, political economy saw labour as a creative force which produced a certain form of life despite the dissipation of energy. Thus certainty prevailed over uncertainty. In the middle of the XX century cybernetics showed that uncertainty (entropy) was a fundamental property of any system which determined the direction of its evolution and that the opposite property of uncertainty (information) can reverse the direction of the evolution of the system. It was shown that the evolution of a physical system goes towards the maximum entropy and the evolution of a living system (economy) goes towards the minimum entropy.

Most relevant link for this topic

http://en.wikipedia.org/wiki/Thermoeconomics

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Most relevant research

  1. Ternyik, Stephen I., 2013. "The Energetics of Economics (Money as access to Energy)," MPRA Paper 44850, University Library of Munich, Germany.
  2. RePEc:eee:phsmap:v:388:y:2009:i:8:p:1610-1620 is not listed on IDEAS
  3. John Bryant, 2012. "Thermoeconomics - A Thermodynamic Approach to Economics (Third edition)," Books, Economic Consultancy, Vocat International, edition 0, number tebp2012.
  4. Juan R. De Miguel & Ghanshyam B. Mehta & Esteban Induráin & Juan C. Candeal, 2001. "Utility and entropy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 17(1), pages 233-238.
  5. RePEc:eee:phsmap:v:396:y:2014:i:c:p:88-98 is not listed on IDEAS
  6. Urban Kordes, 2005. "Entropy - our best friend," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 3(1), pages 17-26.
  7. RePEc:eee:phsmap:v:419:y:2015:i:c:p:115-121 is not listed on IDEAS
  8. John Bryant, 2015. "Entropy Man," Books, Economic Consultancy, Vocat International, edition 0, number em2015.
  9. RePEc:eee:phsmap:v:396:y:2014:i:c:p:61-65 is not listed on IDEAS
  10. RePEc:eee:energy:v:28:y:2003:i:13:p:1281-1302 is not listed on IDEAS
  11. Yuri Maksimenko, 2001. "Entropy of economy," Non-monetary economics 0008, Maksimenko Yu.F..
  12. Bojan Dimitrijević & Ivan Lovre, 2015. "The Role of Temperature in Economic Exchange - An Empirical Analysis," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 65-89.
  13. Fisk, David, 2011. "Thermodynamics on Main Street: When entropy really counts in economics," Ecological Economics, Elsevier, vol. 70(11), pages 1931-1936, September.
  14. RePEc:eee:phsmap:v:343:y:2004:i:c:p:643-652 is not listed on IDEAS
  15. RePEc:agr:journl:v:4(545):y:2010:i:5(546):p:81-98 is not listed on IDEAS
  16. Juan R. De Miguel & Ghanshyam B. Mehta & Esteban Induráin & Juan C. Candeal, 2001. "Utility and entropy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 17(1), pages 233-238.
  17. John Gowdy & Susan Mesner, 1998. "The Evolution of Georgescu-Roegen's Bioeconomics," Review of Social Economy, Taylor & Francis Journals, vol. 56(2), pages 136-156.