Thermodynamics and the Economic Process

John Bryant ()

Working Papers from Economic Consultancy, 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.

Keywords: Thermodynamics; economics; entropy; energy; exergy; peak oil; gas; coal; climate change (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene, nep-env and nep-hpe
Date: 2008-12
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Persistent link: http://EconPapers.repec.org/RePEc:voc:wpaper:ten62008

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