Joint Energy and Economic Optimization: A Proposition

Donald I. Hertzmark

The Energy Journal, 1981, vol. Volume 2, issue Number 1, 75-88

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.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1981
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