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 GCC 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. *Notes (2) on a Thermodynamic Theory of Economics (2007)* Author: John Bryant This paper expands on points of a paper by the author, published earlier in 2007. Additional analyses are set out on the issue of the economic cycle and the boundary between products of economic value and flows of value between them. A copy of the paper can be viewed via the following link: *Notes (1) on a Thermodynamic Theory of Economics (2007)* Author: John Bryant Abstract: This paper re-visits two points of a paper by the author, published earlier in 2007. Additional analyses are set out first, on the issue of the boundary between products of economic value and flows of value between them, and second, on the structure of the Cobb Douglas function derived from thermodynamic theory. A copy of this paper can be viewed via the following link: Notes (2) on a Thermodynamic Theory of Economics 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 Thermodynamic Theory of Economics Notes (1) on a Thermodynamic Theory of Economics Thermo Economics in a Finite World

	*Monetary Aspects of a Thermodynamic Theory of Economics. An application to 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 paper should be read in conjunction with the original paper [Bryant, J. (2007) A Thermodynamic Theory of Economics, Int. J. Exergy, Vol 4, No. 3, pp.307-337]. A copy of this paper can be viewed via the following link: Monetary Aspects of a Thermodynamic Theory of Economics (USA)		Home