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Joint Energy and Economic Optimization: A Proposition

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  • Donald I. Hertzmark

Abstract

This article gives some analytical results of an attempt to optimize economic and thermodynamic efficiency simultaneously. The attempt to impose complete mathematical rationality and consistency on the pricing of energy commodities fails. since it is not possible to weigh consistently purely physical efficiency measures. much less social factors. This means that energy or entropy theories of value must suffer the fate of other single-factor theories. such as the labor theory of value. Such a single-factor theory cannot adequately handle such questions as fixed capital, subjective utility. and contradictory constraints on economic choice.

Suggested Citation

  • Donald I. Hertzmark, 1981. "Joint Energy and Economic Optimization: A Proposition," The Energy Journal, , vol. 2(1), pages 1-14, January.
    • Handle: RePEc:sae:enejou:v:2:y:1981:i:1:p:1-14
    DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No1-5
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    References listed on IDEAS

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    1. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, October.
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