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Physical Macroeconomics: Part II - Thermodynamics and Physical Macroeconomics
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This article is the second one in a series of publications representing the natural science foundations of macroeconomics. Classical thermodynamics is the most important natural science justification for physical macroeconomics. The general properties of the global economy, as compared with the physical properties of the thermodynamic system, are considered. We introduce thermodynamic terms that apply to the economy: open system, environment, system boundary, external (primary) energy, useless energy (entropy), working potential (free energy), first and second laws, working cycle and its efficiency, etc.
Title: Physical Macroeconomics: Part II - Thermodynamics and Physical Macroeconomics
Description:
This article is the second one in a series of publications representing the natural science foundations of macroeconomics.
Classical thermodynamics is the most important natural science justification for physical macroeconomics.
The general properties of the global economy, as compared with the physical properties of the thermodynamic system, are considered.
We introduce thermodynamic terms that apply to the economy: open system, environment, system boundary, external (primary) energy, useless energy (entropy), working potential (free energy), first and second laws, working cycle and its efficiency, etc.
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