🔵 The relevance of #thermodynamics to #economics
The physical theory of thermodynamics is based on two laws: The first law states that energy is neither created nor destroyed in any isolated system (a conservation principle). The second law of thermodynamics — also known as the entropy law — states that energy tends to be degraded to ever poorer qualities (a degradation principle).
Georgescu argues that the relevance of thermodynamics to economics stems from the physical fact that man can neither create nor destroy matter or energy, only transform it. The usual economic terms of 'production' and 'consumption' are mere verbal conventions that tend to obscure that nothing is created and nothing is destroyed in the economic process — things are only being transformed.
A primary objective of ecological economics (EE) is to ground economic thinking and practice in physical reality, especially in the laws of physics (particularly the laws of thermodynamics) and in knowledge of biological systems. It accepts as a goal the improvement of human well-being through development, and seeks to ensure achievement of this through planning for the sustainable development of ecosystems and societies. Of course the terms development and sustainable development are far from lacking controversy. Richard B. Norgaard argues traditional economics has hi-jacked the development terminology in his book Development Betrayed.
The physical theory of thermodynamics is based on two laws: The first law states that energy is neither created nor destroyed in any isolated system (a conservation principle). The second law of thermodynamics — also known as the entropy law — states that energy tends to be degraded to ever poorer qualities (a degradation principle).
Georgescu argues that the relevance of thermodynamics to economics stems from the physical fact that man can neither create nor destroy matter or energy, only transform it. The usual economic terms of 'production' and 'consumption' are mere verbal conventions that tend to obscure that nothing is created and nothing is destroyed in the economic process — things are only being transformed.
A primary objective of ecological economics (EE) is to ground economic thinking and practice in physical reality, especially in the laws of physics (particularly the laws of thermodynamics) and in knowledge of biological systems. It accepts as a goal the improvement of human well-being through development, and seeks to ensure achievement of this through planning for the sustainable development of ecosystems and societies. Of course the terms development and sustainable development are far from lacking controversy. Richard B. Norgaard argues traditional economics has hi-jacked the development terminology in his book Development Betrayed.
🌀 THERMOECONOMICS: BEYOND THE SECOND LAW
BY PETER CORNING
🔗 http://complexsystems.org/publications/thermoeconomics-beyond-the-second-law/
📌 Abstract
Physicist Erwin Schrodinger’s What is Life? (1945) has inspired many subsequent efforts to explain biological evolution, especially the evolution of complex systems, in terms of the Second Law of Thermodynamics and the concepts of “entropy” and “negative entropy.” However, the problems associated with this paradigm are manifold. Some of these problems will be highlighted in the first part of this paper, and some of the theories that have been derived from it will be briefly critiqued. “Thermoeconomics”, by contrast, is based on the proposition that the role of energy in biological evolution should be defined and understood not in terms of the Second Law but in terms of such economic criteria as “productivity,” “efficiency,” and especially the costs and benefits (or “profitability”) of the various mechanisms for capturing and utilizing available energy to build biomass and do work. Thus thermoeconomics is fully consistent with the Darwinian paradigm. Furthermore, it is argued that economic criteria provide a better account of the advances (and recessions) in bioenergetic technologies than does any formulation derived from the Second Law.
#cybernetics, #entropy, #information, #natural_selection, #synergy, #thermodynamics
BY PETER CORNING
🔗 http://complexsystems.org/publications/thermoeconomics-beyond-the-second-law/
📌 Abstract
Physicist Erwin Schrodinger’s What is Life? (1945) has inspired many subsequent efforts to explain biological evolution, especially the evolution of complex systems, in terms of the Second Law of Thermodynamics and the concepts of “entropy” and “negative entropy.” However, the problems associated with this paradigm are manifold. Some of these problems will be highlighted in the first part of this paper, and some of the theories that have been derived from it will be briefly critiqued. “Thermoeconomics”, by contrast, is based on the proposition that the role of energy in biological evolution should be defined and understood not in terms of the Second Law but in terms of such economic criteria as “productivity,” “efficiency,” and especially the costs and benefits (or “profitability”) of the various mechanisms for capturing and utilizing available energy to build biomass and do work. Thus thermoeconomics is fully consistent with the Darwinian paradigm. Furthermore, it is argued that economic criteria provide a better account of the advances (and recessions) in bioenergetic technologies than does any formulation derived from the Second Law.
#cybernetics, #entropy, #information, #natural_selection, #synergy, #thermodynamics
Complex Systems Studies
Quantum Field Theory and Condensed Matter: An Introduction by Ramamurti Shankar (Cambridge Monographs on Mathematical Physics) 1st Edition
Providing a broad review of many techniques and their application to condensed matter systems, this book begins with a review of #thermodynamics and #statistical_mechanics, before moving onto real and imaginary time path integrals and the link between Euclidean quantum mechanics and statistical mechanics. A detailed study of the #Ising, #gauge-Ising and #XY models is included. The #renormalization group is developed and applied to #critical_phenomena, #Fermi_liquid theory and the renormalization of field theories. Next, the book explores bosonization and its applications to one-dimensional fermionic systems and the correlation functions of homogeneous and random-bond Ising models. It concludes with Bohm-Pines and Chern-Simons theories applied to the quantum Hall effect. Introducing the reader to a variety of techniques, it opens up vast areas of condensed matter theory for both graduate students and researchers in theoretical, statistical and condensed matter physics.
💰 The relevance of thermodynamics to economics
https://en.wikipedia.org/wiki/Nicholas_Georgescu-Roegen#The_relevance_of_thermodynamics_to_economics
The physical theory of #thermodynamics is based on two laws: The first law states that energy is neither created nor destroyed in any isolated system (a conservation principle). The second law of thermodynamics — also known as the #entropy law — states that energy tends to be degraded to ever poorer qualities (a degradation principle).
Georgescu argues that the relevance of thermodynamics to #economics stems from the physical fact that man can neither create nor destroy matter or energy, only transform it. The usual economic terms of "#production" and "#consumption" are mere verbal conventions that tend to obscure that nothing is created and nothing is destroyed in the economic process — everything is being transformed.
The science of thermodynamics features a #cosmology of its own predicting the #heat_death_of_the_universe: Any transformation of energy — whether in nature or in human society — is moving the universe closer towards a final state of inert physical uniformity and #maximum_entropy. According to this cosmological perspective, all of man's economic activities are only speeding up the general march against a future planetary heat death locally on earth, Georgescu submits. This view on the economy was later termed '#entropy_pessimism'. Some of Georgescu's followers and interpreters have elaborated on this view.
https://en.wikipedia.org/wiki/Nicholas_Georgescu-Roegen#The_relevance_of_thermodynamics_to_economics
The physical theory of #thermodynamics is based on two laws: The first law states that energy is neither created nor destroyed in any isolated system (a conservation principle). The second law of thermodynamics — also known as the #entropy law — states that energy tends to be degraded to ever poorer qualities (a degradation principle).
Georgescu argues that the relevance of thermodynamics to #economics stems from the physical fact that man can neither create nor destroy matter or energy, only transform it. The usual economic terms of "#production" and "#consumption" are mere verbal conventions that tend to obscure that nothing is created and nothing is destroyed in the economic process — everything is being transformed.
The science of thermodynamics features a #cosmology of its own predicting the #heat_death_of_the_universe: Any transformation of energy — whether in nature or in human society — is moving the universe closer towards a final state of inert physical uniformity and #maximum_entropy. According to this cosmological perspective, all of man's economic activities are only speeding up the general march against a future planetary heat death locally on earth, Georgescu submits. This view on the economy was later termed '#entropy_pessimism'. Some of Georgescu's followers and interpreters have elaborated on this view.
Wikipedia
Nicholas Georgescu-Roegen
Mathematician, Statistician and Economist (1906-1994)
💰 I am looking to hire a #postdoc (start date flexible) @SFUPhysics in Vancouver, to do #nonequilibrium #thermodynamics (theory, computation, and collaboration with experiments) applied to #molecularmachines. Details:
https://t.co/MX9ZqsKt5T
https://t.co/MX9ZqsKt5T
The Workshop on #Stochastic #Thermodynamics returns this May 17-21 to explore applications to #Physics, #Chemistry, #Biophysics, #InformationProcessing, #QuantumComputing, and more.
View program info, register, and submit abstracts:
https://wiki.santafe.edu/index.php/Stoc
View program info, register, and submit abstracts:
https://wiki.santafe.edu/index.php/Stoc