Thermodynamics and Economics

Details Thermodynamics and Economics Thermodynamics and Economics

2005-03-12

arxiv.org/abs/cond-mat/0503308v1

Physics

Condensed Matter

Statistical Mechanics

23 pages, subitted to Ecological Economics, uses elsart.cls, natbib.sty, amssymb.sty, url.sty

Scientific paper

The application of principles of thermodynamics and statistical mechanics to economic systems is considered in a broad historical perspective, extending from prehistoric times to the present day. The hypothesis of maximum entropy production (MEP), which has been used to model complex physical systems such as fluid turbulence and the climate of the Earth and other planets, may be applied to human economic activity, subject to constraints such as the availability of suitable technology, and the nature of political control. Applied to the current abundance of available energy from fossil fuel reserves, MEP is shown to have significant policy implications.

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