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Thermoeconomics: A Thermodynamic Approach to Economics (Third Edition)
A book by: John Bryant
Copyright: John Bryant VOCAT International Ltd
This book and third edition explores in depth the relationships between the disciplines of economics and thermodynamics, and stems from previous peer-reviewed papers published by the author, and follow up working papers. Further developments have been added since the 1st and 2nd editions, and the chapter on money has been updated to incorporate empirical analyses of the recent upheavals in world economic activity from 2008 to 2011.
Chapter 1 Introduction
covers historical research on the links between economics and thermdynamics, and structural comparisons between the ideal gas equation and the quantity theory.
Chapter 2 Stock & Flow Processes
concerns a general stock model that can be adapted to represent those of money, labour and resources, setting out the links between thermodynamic and economic structures, including developments such as wage distribution.
Chapter 3 Thermodynamic Principles
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 Production and Entropy Processes
concerns a thermodynamic representation of production processes dealing with the concepts of active and inactive factors of production, entropy and maximisation, and the economic cycle.
Chapter 5 Money
constructs a thermodynamic money system, using historical data of the UK and USA economies to 2011 to provide empirical analyses. Particular aspects covered include elastic relationships, entropy, and the relationship of output to interest rates.
Chapter 6 Labour & Unemployment
concerns the relationship of economic entropy to unemployment, using historical data of the UK and USA economies to 2011 to provide empirical analyses.
Chapter 7 Investment and Economic Entropy
describes the principles of investment and its links with economic entropy, and develops the concept in terms of project investment and DCF, annuities and bond & gilt-edged securities, including empirical analyses of UK and USA bond spread.
Chapter 8 Energy, Resources and the Economy
sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.
Chapter 9 Thermoeconomics and Sustainability
concerns sustainability of the economic system
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