Everything about Thermoeconomics totally explained
Thermoeconomics is the name given to a type of
heterodox economic theory that attempt to explicitly apply the
principles of
thermodynamics to
economics. The term "thermoeconomics" was coined in 1962 by American engineer
Myron Tribus, and developed by the
statistician and
economist Nicholas Georgescu-Roegen. Thermoeconomics can be thought of as the
statistical physics of
economic value. Thermoeconomics is based on the proposition that the role of
energy in
biological evolution should be defined and understood through the
second law of thermodynamics but in terms of such economic criteria as
productivity,
efficiency, and especially the costs and benefits (or profitability) of the various mechanisms for capturing and utilizing available energy to build biomass and do work. As a result, thermoeconomics are often discussed in the field of
ecological economics, which itself is related to the fields of
sustainability and
sustainable development.
Thermoeconomists claim that human
economic systems can be modeled as
thermodynamic systems then, based on this premise, attempt to develop theoretical economic analogs of the
first and
second laws of thermodynamics. In addition, the thermodynamic quantity
exergy, for example measure of the useful work energy of a system, is the most important measure of
value. In thermodynamics,
thermal systems exchange
heat,
work, and or
mass with their surroundings; in this direction, relations between the
energy associated with the
production,
distribution, and
consumption of
goods and
services can be determined.
Thermoeconomists argue that economic systems always involve
matter,
energy,
entropy, and
information. Moreover, the aim of many economic activities is to achieve a certain structure. In this manner, thermoeconomics attempts to apply the theories in
non-equilibrium thermodynamics, in which structure formations called
dissipative structures form, and
information theory, in which
information entropy is a central construct, to the modeling of economic activities in which the natural flows of energy and materials function to create scarce resources. These processes involve complex networks of flows of energy and materials.
Further Information
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