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Economics and Theoretical Physics

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  • Punabantu, Siize
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    The recent earthquake in Japan and its impact on the Fukushima nuclear power plant is a tragic reminder of humanity’s ever growing dependence on energy for its socioeconomic development. Energy plays a central role in determining the effectiveness of economics. However, are the fundamental difficulties associated with understanding the true nature of energy impeding development? This paper is a reflection on theoretical physics from an economic vantage point. As difficult as it may seem to band them together as this article will attempt to do, physics and economics are conjoined. Space, Time , Matter and Energy all play a significant role in the capacity of economics to better provide for humanity. For example, energy; its, provision, evolution and consumption play a significant role in the capacity of economics to develop strategies with which to satisfactorily manage human development. The impact the price of oil has on the global economy is testimony to the impact the cost of energy has on economies and governments in general. If global incomes could rise or the cost of energy could fall this could significantly increase its affordability. Therefore, advances in physics and the natural sciences in general can have a positive impact on economics.

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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32050.

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    Date of creation: 26 Jul 2011
    Handle: RePEc:pra:mprapa:32050
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