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Book review: James K. Galbraith, Jing Chen, Entropy Economics. The Living Basis of Value and Production, University of Chicago Press (2025), pp. 248

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  • Filip Lubinski

    (European University Institute, Department of Law
    CodeX: Stanford Center for Legal Informatics, Stanford Computational Antitrust)

Abstract

Entropy Economics, developed by Galbraith and Chen, builds upon a heterodox reasoning initiated in the 1970s by Nicholas Georgescu-Roegen. It argues that mainstream economics remains trapped in a perspective offered by 19th-century Newtonian mechanics, leading to a fixation on equilibrium as the preferred condition. They respond to this dogma with their original models of the Living Basis of Value and Production, which are built on the fundamental rules of exact sciences, primarily physics and biology. Among many illustrations presented in the book, this review uses the “trade war” model to illustrate its reasoning.

Suggested Citation

  • Filip Lubinski, 2026. "Book review: James K. Galbraith, Jing Chen, Entropy Economics. The Living Basis of Value and Production, University of Chicago Press (2025), pp. 248," Journal of Evolutionary Economics, Springer, vol. 36(1), pages 1-6, April.
    • Handle: RePEc:spr:joevec:v:36:y:2026:i:1:d:10.1007_s00191-025-00920-x
    DOI: 10.1007/s00191-025-00920-x
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    References listed on IDEAS

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    1. Oliveira, Igor V.G. & Wang, Chao & Dong, Gaogao & Du, Ruijin & Fiore, Carlos E. & Vilela, André L.M. & Stanley, H. Eugene, 2024. "Entropy production on cooperative opinion dynamics," Chaos, Solitons & Fractals, Elsevier, vol. 181(C).
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