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The Economy as an “Island of Order” far from Equilibrium

2022-03-04

Abstract excerpt

This article makes three important arguments that need to be integrated into mainstream economic theory. The first argument is that energy is the substance of the universe, and everything in the universe is energy. Energy (exergy in modern terminology) is neither produced nor destroyed by human activity (the first law of thermodynamics) but it is transformed by activity, becoming less and less useful (the second o...

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Literature Corpus work
89b68a56-863b-5a47-be3f-cc49879ee7bb
DOI
10.2139/ssrn.4048996
Open publication

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