Thermodynamics on Main Street: When entropy really counts in economics
AbstractThe implications of thermodynamics for economic theory have been a source of debate for 40Â years. Adopting the framing used in modern engineering rather than physics suggests that the market place has already recognised most of these thermodynamic truths as self-evident rather than challenging basic concepts. The exception is the relatively small market for heat where the idea of thermodynamic grade, conveniently represented by the exergy or available work content of a heat source, exposes inconsistencies especially in monopoly supply and economic instruments. Earlier commentators were not wrong in the thrust of their criticisms of economic theory but may have been overly elaborate in their attack.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Ecological Economics.
Volume (Year): 70 (2011)
Issue (Month): 11 (September)
Contact details of provider:
Web page: http://www.elsevier.com/locate/ecolecon
Entropy Exergy Market for heat Low grade heat Thermodynamics CHP District heating;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Spreng, Daniel, 1993. "Possibilities for substitution between energy, time and information," Energy Policy, Elsevier, vol. 21(1), pages 13-23, January.
- Caliskan, Hakan & Hepbasli, Arif, 2010. "Energy and exergy prices of various energy sources along with their CO2 equivalents," Energy Policy, Elsevier, vol. 38(7), pages 3468-3481, July.
- Dincer, Ibrahim, 2002. "The role of exergy in energy policy making," Energy Policy, Elsevier, vol. 30(2), pages 137-149, January.
- Sollner, Fritz, 1997. "A reexamination of the role of thermodynamics for environmental economics," Ecological Economics, Elsevier, vol. 22(3), pages 175-201, September.
- Ayres, Robert U. & Warr, Benjamin, 2005. "Accounting for growth: the role of physical work," Structural Change and Economic Dynamics, Elsevier, vol. 16(2), pages 181-209, June.
- Roma, Antonio & Pirino, Davide, 2009. "The extraction of natural resources: The role of thermodynamic efficiency," Ecological Economics, Elsevier, vol. 68(10), pages 2594-2606, August.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.