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The Second Law of Economics
Nothing happens in the world without energy conversion and entropy production. These fundamental natural laws are familiar to most of us when applied to the evolution of stars, biological processes, or the working of an internal combustion engine, but what about industrial economies and wealth production, or their constant companion, pollution? Does economics conform to the First and the Second Law of Thermodynamics? In this important book, Reiner Kümmel takes us on a fascinating tour of these laws and their influence on natural, technological, and social evolution. Analyzing economic growth in Germany, Japan, and the United States in light of technological constraints on capital, labor, an...
Energy, entropy, creativity
This book helps to understand the importance of thermodynamics for economics, the environment and society. It argues for the integration of the first two laws of thermodynamics into textbook economics. In doing so, systemic similarities in thermodynamics and the theory of economic growth lead to the use of similar mathematical methods that allow industrial economies to be described realistically. From this, the authors propose tools for solving social and environmental problems. The book is aimed at all those interested in interdisciplinary research on the development problems of the economy and society and who want to understand what drives their upheavals. The authors of the book have been...
The Story of Econophysics
This book will appeal to the lay-reader with an interest in the history of what is today termed ‘Econophysics’, looking at various works throughout the ages that have led to the emergence of this field. It begins with a discussion of the philosophers and scientists who have contributed to this discipline, before moving on to considering the contributions of different institutions, books, journals and conferences in nurturing the subject.
The Myth of Endless Growth
This book shows how mainstream economic theory is fundamentally flawed. It shows how the expectation for endless growth is so deeply ingrained into what we expect the future to be that we do not even question the assumption. But this work, rather than follow an ecological path to explore limits to growth, is an "inside job" that shows that when modern economic growth theories are decoupled from assumptions that have no basis in how the real world is developing, but are, for the most part, mathematical conveniences applied for the sake of "stability," then the long-run economic outcome is no longer capitalism. Decision makers assume that changes today will lead to predictable and/or reversible outcomes. This is a myth. There are fallacies throughout the assumptions of predictability, reversibility, and endless growth. When reasoning is based upon a flawed foundation, bad choices can appear reasonable. This work shows that the future is not what it is supposed to be.
The Science and Technology of Superconductivity
Since the discovery of superconductivity in 1911 by H. Kamerlingh Onnes, of the order of half a billion dollars has been spent on research directed toward understanding and utiliz ing this phenomenon. This investment has gained us fundamental understanding in the form of a microscopic theory of superconduc tivity. Moreover, superconductivity has been transformed from a laboratory curiosity to the basis of some of the most sensitive and accurate measuring devices known, a whole host of other elec tronic devices, a soon-to-be new international standard for the volt, a prototype generation of superconducting motors and gener ators, and magnets producing the highest continuous magnetic fields ye...
Science and the Wealth of Nations
As Paul Krugman pointed out in his 2013 New York Times Op-Ed piece entitled “The New Growth Fizzle,” idea-based growth theory has been a bust. In this volume, an alternative approach is presented, one that, unlike existing growth theory, is consistent with the laws that govern material processes in general, with the historical record from time immemorial, and with data. Specifically, it provides compelling rationalizations of the 1970s productivity slowdown, Robert Solow’s information paradox and the failure of policy in Western industrialized nations to restore growth rates. Drawing from classical mechanics and thermodynamics, it provides a consilient account of the material processes that were the very subject of political economy in the 19th century and economics in the 20th and 21st centuries.
Real World Economics
An engaging, important text calling for the reform of economics and pushing for the discipline to become an honest and effective tool for democracy.
Econophysics of Agent-Based Models
The primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of "Econophysics" who have undertaken agent-based modelling, comparison with empirical studies and related investigations. Most standard economic models assume the existence of the representative agent, who is “perfectly rational” and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature.
More Heat than Life: The Tangled Roots of Ecology, Energy, and Economics
This book traces the interacting histories of the disciplines of ecology and economics, from their common origin in the ancient Greek concept of oikonomia, through their distinct encounters with energy physics, to the current obstruction of neoliberal economics to responses to the ecological and climate crisis of the so-called Anthropocene. Reconstructing their constitution as separate sciences in the era of fossil-fuelled industrial capitalism, the book offers an explanation of how the ecological sciences have moved from a position of critical collision with mainstream economics in the 1970s, to one of collusion with the project of permanent growth, in and through the thermal crisis of the biosphere.
