Expanding the horizons of thermoeconomics: Insights from the School of Zaragoza

The article discusses the future developments of Thermoeconomics, focusing on the current works of the School of Zaragoza, which integrates the Second Law of Thermodynamics with Economics to assess the physical origin of costs, focusing on process irreversibility. Traditionally used in energy systems, the authors argue that Thermoeconomics should expand to chemical, geological, and economic sectors. Key concepts from the Zaragoza School include Thanatia, a hypothetical state representing Earth’s mineral depletion, used to measure resource depletion costs; Thermodynamic Rarity, highlighting the loss of Earth’s mineral capital; Pristinia, for evaluating deviations from an ideal fertile crust; and Circular Thermoeconomics, based on the idea of waste as external irreversibility, promoting a circular economy to minimize waste. They also introduce Relative Free Energy, a new thermodynamic function that improves thermal system diagnostics. The authors suggest that Thermoeconomics could align economic activities with environmental realities by using physical metrics like exergy to evaluate resource consumption, leading to a sustainable economic model incorporating environmental costs. The paper advocates for broader application and further research in Thermoeconomics to manage the true cost of human activities.