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Thermodynamics and the Economic Process

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  • John Bryant

    (Vocat International)

Abstract

This paper develops further a model of the economic process, first set out as part of a paper by the author in 2007, concerning the application of thermodynamic laws to economics. The paper sets out relationships between economic output and capital, labour, resource and waste stocks, with specific reference to energy, and is backed up analysis of data of world energy resources and climate change. The paper conculdes that both energy resource availability and climate change will have significant, limiting effects on the forward path of world economic developoment.

Suggested Citation

  • John Bryant, 2008. "Thermodynamics and the Economic Process," Working Papers ten62008, Economic Consultancy, Vocat International.
    • Handle: RePEc:voc:wpaper:ten62008
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    File URL: http://www.vocat.co.uk/TEN62008.pdf
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    References listed on IDEAS

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    1. John Bryant, 2007. "A Thermodynamic Theory of Economics," Working Papers tefprv2007, Economic Consultancy, Vocat International.
    2. Graham M Turner, 2008. "A Comparison of the Limits to Growth with Thirty Years of Reality," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2008-09, CSIRO Sustainable Ecosystems.
    3. Christophe Kamps, 2006. "New Estimates of Government Net Capital Stocks for 22 OECD Countries, 1960-2001," IMF Staff Papers, Palgrave Macmillan, vol. 53(1), pages 1-6.
    4. Bryant, J., 1982. "A thermodynamic approach to economics," Energy Economics, Elsevier, vol. 4(1), pages 36-50, January.
    5. Samuelson, Paul A, 1972. "Maximum Principles in Analytical Economics," American Economic Review, American Economic Association, vol. 62(3), pages 249-262, June.
    6. Patterson, Murray, 1998. "Commensuration and theories of value in ecological economics," Ecological Economics, Elsevier, vol. 25(1), pages 105-126, April.
    7. Geoffrey P. Hammond, 2004. "Engineering Sustainability: Thermodynamics, Energy Systems and the Environment," Palgrave Macmillan Books, in: Adrian Winnett (ed.), Towards an Environment Research Agenda, chapter 8, pages 175-210, Palgrave Macmillan.
    8. Geoffrey P. Hammond & Adrian B. Winnett, 2004. "Some Interdisciplinary Perspectives on Environmental Appraisal and Valuation," Palgrave Macmillan Books, in: Adrian Winnett (ed.), Towards an Environment Research Agenda, chapter 1, pages 3-33, Palgrave Macmillan.
    9. Sousa, Tania & Domingos, Tiago, 2006. "Is neoclassical microeconomics formally valid? An approach based on an analogy with equilibrium thermodynamics," Ecological Economics, Elsevier, vol. 58(1), pages 160-169, June.
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    Keywords

    Thermodynamics; economics; entropy; energy; exergy; peak oil; gas; coal; climate change;
    All these keywords.

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