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Thermodynamics extends economics potentials

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  • Bandura, Alexander V
  • M. Brodiansky, Victor

Abstract

In this paper we consider the use of exergy in economic valuation and its correlation with money. Exergy-based determination of production expenses provides a new base for “natural” price determination. A new macroeconomic dynamics approach based on this correlation is proposed. This method is relatively general because it is not restricted by certain assumptions used in traditional economic analysis. The exergy model of macroeconomic dynamics was tested by the utilizing data from the US economy. This test, covering a period of about 25 years, confirms this approach and opens new potentials in economic analysis.

Suggested Citation

  • Bandura, Alexander V & M. Brodiansky, Victor, 2001. "Thermodynamics extends economics potentials," Energy, Elsevier, vol. 26(8), pages 811-814.
    • Handle: RePEc:eee:energy:v:26:y:2001:i:8:p:811-814
    DOI: 10.1016/S0360-5442(01)00044-5
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    References listed on IDEAS

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    1. Chapman, P. F., 1974. "1. Energy costs: a review of methods," Energy Policy, Elsevier, vol. 2(2), pages 91-103, June.
    2. Bullard, Clark W. & Herendeen, Robert A., 1975. "The energy cost of goods and services," Energy Policy, Elsevier, vol. 3(4), pages 268-278, December.
    3. Bullard, Clark W. & Penner, Peter S. & Pilati, David A., 1978. "Net energy analysis : Handbook for combining process and input-output analysis," Resources and Energy, Elsevier, vol. 1(3), pages 267-313, November.
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