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Thermoeconomics, A Thermodynamic Approach to Economics, Third Edition, Chapter 7 Investment and Economic Entropy

  • John Bryant

    ()

    (Vocat International)

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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Paper provided by Economic Consultancy, Vocat International in its series Working Papers with number tech72012.

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Length: 35 pages
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:voc:wpaper:tech72012
Contact details of provider: Web page: http://www.vocat.co.uk

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  1. 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.
  2. Christophe Kamps, 2004. "New Estimates of Government Net Capital Stocks for 22 OECD Countries 1960-2001," IMF Working Papers 04/67, International Monetary Fund.
  3. John Bryant, 1979. "An Equilibrium Theory of Economics," Working Papers te1979, Economic Consultancy, Vocat International.
  4. 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.
  5. Purica, Ionut, 2004. "The Cities: Reactors Of Economic Transactions," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 1(2), pages 20-37, May.
  6. 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.
  7. John Bryant, 2007. "A Thermodynamic Theory of Economics," Working Papers tefprv2007, Economic Consultancy, Vocat International.
  8. John Bryant, 2008. "Thermodynamics and the Economic Process," Working Papers ten62008, Economic Consultancy, Vocat International.
  9. Patterson, Murray, 1998. "Commensuration and theories of value in ecological economics," Ecological Economics, Elsevier, vol. 25(1), pages 105-126, April.
  10. Daniel F. Waggoner, 1997. "Spline methods for extracting interest rate curves from coupon bond prices," Working Paper 97-10, Federal Reserve Bank of Atlanta.
  11. Bryant, J., 1982. "A thermodynamic approach to economics," Energy Economics, Elsevier, vol. 4(1), pages 36-50, January.
  12. 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.
  13. 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.
  14. 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.
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