thermoeconomics
Also known as biophysical economics, economic thermodynamics
Thermoeconomics, also referred to as Bioeconomics or Biophysical Economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. Thermoeconomics is considered the statistical physics of economic value and is one subfield of econophysics, extenuating to Ecological Economics.
Article
9 sectionsContents
- Thermodynamics
- Energy Return on Investment
- Peak oil
- Political Implications
- Energy Backed Credit
- See also
- References
- Further reading
- External links
Thermoeconomics, also referred to as Bioeconomics or Biophysical Economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. Thermoeconomics is considered the statistical physics of economic value and is one subfield of econophysics, extenuating to Ecological Economics.
It is the study of the ways and means by which human societies procure and use energy and other biological and physical resources to produce, distribute, consume and exchange goods and services, while generating various types of waste and environmental impacts. Biophysical economics builds on both social sciences and natural sciences to overcome some of the most fundamental limitations and blind spots of conventional economics. It makes it possible to understand some key requirements and framework conditions for economic growth, as well as related constraints and boundaries.