Economic Research & Consultancy


	We undertake economic consultancy in three areas:

	Economic analyses of markets in support of our expert witness business.
	Background research on specific topics. Examples include: Added value analysis as a tool in resolving engineering project disputes IGCC and international power investment *A Thermodynamic Theory of Economics (2007)* Author: John Bryant International Journal of Exergy, Inderscience Publishers. Reference: Bryant, J. (2007) ‘A thermodynamic theory of economics’, Int. J. Exergy, Vol 4, No. 3, pp.302-337. http://www.inderscience.com/browse/index.php?journalID=135&year=2007&vol=4&issue=3 Abstract: An analogy between thermodynamic and economic theories and processes is developed further, following a previous paper published by the author in 1982. Economic equivalents are set out concerning the ideal gas equation, the gas constant, pressure, temperature, entropy, work done, specific heat and the 1^st and 2^nd Laws of Thermodynamics. The law of diminishing marginal utility was derived from thermodynamic first principles. Conditions are set out concerning the relationship of economic processes to entropic gain. A link between the Le Chatelier principle and economic processes is developed, culminating in a derivation of an equation similar in format to that of Cobb Douglas production function, but with an equilibrium constant and a disequilibrium function added to it. A trade cycle is constructed, utilising thermodynamic processes, and equations are derived for cycle efficiency, growth and entropy gain. A thermodynamic model of a money system is set out, and an attempt is made to relate interest rates, the rate of return, money demand and the velocity of circulation to entropy gain. Aspects concerning the measurement of economic value in thermodynamic terms are discussed. A copy of the final post review version prior to publication can be viewed via the following link: Disability employment research
	Economic research on the instructions of organisations or as a contribution to economic thought. Papers produced include: *Thermodynamics and the Economic Process. An application to World Energy Resources and Climate Change* Author: John Bryant This paper develops further a a model of the economic process concerning the application of thermodynamic laws to economics. The paper sets out relationships between economic output and capital, labour, resource and waste stocks, with specific reference to energy, and is backed up by analysis of data of world energy resources and climate change. the paper concludes that both energy resource availability and climate change will have significant, limiting effects on the forward path of economic development. A copy of the paper can be viewed via the following link: Thermoeconomics Copyright: John Bryant VOCAT International Ltd A book by: John Bryant Abstract: This book, currently in draft, covers in depth relationships and analyses between the disciplines of economics and thermodynamics. 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 and reaction kinetics. 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, interest rates and yield. Chapter 6 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and value measurement problems. Chapter 7 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. Copies of the draft chapters can be downloaded via the following links. Comments of interested readers prior to publication should be addressed to the author at john.bryant@vocat.co.uk . A Thermodynamic Theory of Economics Thermodynamics and the Economic Process

	Thermo Economics in a Finite World (2007) Author: John Bryant Abstract: An analysis of possible restrictions on economic development posed by climate change and resource factors. The paper examines international trends over several decades of GDP, capital stock, population and energy demand & intensity, and the extent to which these trends may need to change to meet restrictions on CO₂emissions arising from consumption of fossil fuels. A copy of this paper can be viewed via the following link: A copy of this paper can be viewed via the following link: *A Thermodynamic Approach to Monetary Economics. An application to the UK Economy 1969-2006 and the USA Economy 1966-2006* Author: John Bryant Abstract: This paper develops further a thermodynamic model of a monetary system, first set out as part of a paper by the author, published in 2007, concerning the application of thermodynamic theory to economics. The Model is backed up by statistical regression analysis of quarterly data of the UK and USA economies, with significant levels of correlation. The model sets outs relationships between price, output volume, velocity of circulation and money supply, and develops an equation to measure entropy gain in an economic system, linked to interest rates, and thence to an equation for the yield of a money instrument. A copy of this paper can be viewed via the following link: Chapter 2 Stock and Flow Processes Chapter 3 Thermodynamic Principles Chapter 4 Production Processes A Thermodynamic Approach to Monetary Economics Chapter1 Introduction Thermo Economics in a Finite World Chapter 5 Money Chapter 6 Labour and Unemployment Chapter 7 Entropy, Maximisation and the Cycle Chapter 8 Energy and the Economy - not yet finished		Home