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Thermoeconomics, A Thermodynamic Approach to Economics, Third Edition, Chapter 4 Production and Entropy Processes

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  • John Bryant

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    (Vocat International)

Abstract

Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability.

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File URL: http://www.vocat.co.uk/TECH42012.pdf
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Bibliographic Info

Paper provided by Economic Consultancy, Vocat International in its series Working Papers with number tech42012.

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Length: 47 pages
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:voc:wpaper:tech42012

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Web page: http://www.vocat.co.uk

Related research

Keywords: Thermodynamics; economics; Le Chatelier; entropy; utility; money; equilibrium; value; energy; interest; elasticity; employment; climate change;

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References

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  1. John Bryant, 1982. "A Thermodynamic Approach to Economics," Working Papers te1982, Economic Consultancy, Vocat International.
  2. Bryant, John, 1979. "An equilibrium theory of economics," Energy Economics, Elsevier, vol. 1(2), pages 102-111, April.
  3. 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.
  4. Benjamin Warr & Heinz Schandl & Robert U Ayres, 2007. "Long Term Trends in Resource Exergy Consumption and Useful Work Supplies in the UK, 1900-2000," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2007-08, CSIRO Sustainable Ecosystems.
  5. John Bryant, 2007. "A Thermodynamic Theory of Economics," Working Papers tefprv2007, Economic Consultancy, Vocat International.
  6. Christophe Kamps, 2006. "New Estimates of Government Net Capital Stocks for 22 OECD Countries, 1960-2001," IMF Staff Papers, Palgrave Macmillan, vol. 53(1), pages 6.
  7. Sousa, Tania & Domingos, Tiago, 2006. "Is neoclassical microeconomics formally valid? An approach based on an analogy with equilibrium thermodynamics," Ecological Economics, Elsevier, vol. 58(1), pages 160-169, June.
  8. Sousa, Tânia & Domingos, Tiago, 2006. "Equilibrium econophysics: A unified formalism for neoclassical economics and equilibrium thermodynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 371(2), pages 492-512.
  9. Graham M Turner, 2008. "A Comparison of the Limits to Growth with Thirty Years of Reality," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2008-09, CSIRO Sustainable Ecosystems.
  10. Daly, Herman E., 1992. "Is the entropy law relevant to the economics of natural resource scarcity?-- yes, of course it is!," Journal of Environmental Economics and Management, Elsevier, vol. 23(1), pages 91-95, July.
  11. Purica, Ionut, 2004. "The Cities: Reactors Of Economic Transactions," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 1(2), pages 20-37, May.
  12. John Bryant, 2008. "Thermodynamics and the Economic Process," Working Papers ten62008, Economic Consultancy, Vocat International.
  13. Daniel F. Waggoner, 1997. "Spline methods for extracting interest rate curves from coupon bond prices," Working Paper 97-10, Federal Reserve Bank of Atlanta.
  14. Patterson, Murray, 1998. "Commensuration and theories of value in ecological economics," Ecological Economics, Elsevier, vol. 25(1), pages 105-126, April.
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As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics

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