Looking at Economics through the Eyes of Thermodynamics

Based on Thermodynamics and its well-established First and Second Laws, this work presents and explores their economics counterparts, introducing new concepts, variables, and equations. This includes, among others, the economic counterparts of temperature, reversibility and irreversibility, and entr...

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Bibliographic Details
Published in:	Energies (Basel) Vol. 17; no. 11; p. 2478
Main Author:	Costa, Vítor A. F.
Format:	Journal Article
Language:	English
Published:	Basel MDPI AG 01-06-2024
Subjects:	Analysis Economic activity Economic aspects economic entropy economic entropy generation economic irreversibility economics Energy Entropy Equilibrium Laws, regulations and rules Raw materials Sustainability Thermodynamics thermodynamics laws France New York
Online Access:	Get full text
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Summary:	Based on Thermodynamics and its well-established First and Second Laws, this work presents and explores their economics counterparts, introducing new concepts, variables, and equations. This includes, among others, the economic counterparts of temperature, reversibility and irreversibility, and entropy and entropy generation resulting from economic irreversibility. The meaning of the new concepts, variables, equations, and their messages are introduced and discussed considering simple yet relevant economic processes. The economic counterparts of the First and Second Law balance equations are set in addition to the base concepts and Laws. These are effective and valuable tools for the analysis of economic processes. Observations from selected economic activities are analyzed using the new concepts, variables, and equations.
ISSN:	1996-1073 1996-1073
DOI:	10.3390/en17112478