|
on History and Philosophy of Economics |
| By: | Charles Figuières; Jean-Michel Salles |
| Abstract: | Qu’est-ce qu’un économiste ? Un cynique, aurait pu répondre Oscar Wilde, « qui connaît le prix de tout mais la valeur de rien ». Vraie ou fausse, cette affirmation résume assez bien une opinion générale qui s’est exprimée encore récemment lors de la parution en 2010 du rapport Sukhdev sur « L’économie des écosystèmes et de la biodiversité ».[...] |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:lam:estudy:12-03&r=hpe |
| By: | Stan Metcalfe |
| Abstract: | The centennial of the publication of Schumpeter's Theory of Economic Development is an occasion to look back in appraisal and an opportunity to look forward in anticipation to consider anew the challenges that remain unfulfilled for Schumpeterians. Along with Marx and Marshall, Schumpeter's great achievement was to formulate an evolutionary, open system perspective on modern capitalism, to explain why it could never be at rest and to link its emergent properties to the capacity to change from within. In terms of appraisal, I shall focus on three aspects of Schumpeter's scheme: the link between knowledge, enterprise and the meaning to be attributed to a knowledge economy, the nature of the competitive process in the presence of innovation, and the transient, out of equilibrium nature of all economic arrangements. In looking forward, I shall consider what is missing from evolutionary economic dynamics, pointing to the role of factor markets in the competitive process, the significance of differences in firm's investment strategies and the fine grained nature of competition in markets where differences in the qualities of goods and services matter, and, lastly, on the evolutionary dimensions of international competition. Two lessons are particularly pertinent to advancing the Schumpeterian enterprise. First, that the familiar one-dimensional models of economic evolution are useful but incomplete. Secondly, that, while much evolutionary thinking has naturally focused on the connection between the micro and the meso, we need also to consider the connection between the meso and the macro and in so doing connect to rich literatures in the field of economic growth and development. |
| Date: | 2012–06–26 |
| URL: | http://d.repec.org/n?u=RePEc:esi:evopap:2012-13&r=hpe |
| By: | Esteban Pérez Caldentey and Matias Vernengo |
| Keywords: | Monetary Policy; Economic History; Heterodox Economics JEL Classification: B31, B50, E58, N10 The Great Depression led to a need to rethink the principles of central banking, as much as it had led to the rethinking of economics in general, with the Keynesian Revolution at the forefront of the theoretical changes. This paper suggests that the role of the monetary authority as a fiscal agent of government and the abandonment of the view of the economy as self-regulated were the central changes in central banking in the center. In addition, in the periphery central banks changed to try to insulate the worst effects of balance of payments crises and the use of capital controls became more common. Marriner S. Eccles, in the United States, and Raúl Prebisch, in Argentina, are paradigmatic examples of those new tendencies of central banking in the 1930s. |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:uta:papers:2012_04&r=hpe |
| By: | Collard, Fabrice (Université de Berne); Fève, Patrick (TSE (GREMAQ, IUF, IDEI et Banque de France)) |
| Abstract: | Cet article présente les contributions originelles et essentielles de T. Sargent et C. Sims à la modélisation macro-économétrique. Après avoir exposé leur critique de la modélisation existante, cet article s'attache à préciser l'originalité de leurs approches respectives. La présentation de leurs travaux insiste ensuite sur les différentes voies de rapprochement de ces deux types des modélisations. |
| Keywords: | , , , , , , , Anticipations Rationnelles, Modèles Dynamiques, Identifications, Chocs Structurels |
| JEL: | C1 C2 C3 E2 E3 E4 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:26010&r=hpe |
| By: | Hartmann, Dominik |
| Abstract: | This paper argues for the necessity and potential of introducing Schumpeter's understanding of economic development as structural change into Amartya Sen's people-oriented development as freedom approach. Sen and other authors on social choice, human development and inequality have effectively promoted - through the United Nations Development Programme - that the expansion of human agency, well-being and capabilities are the means and ends of development (Sen, 1999). However, this approach has lead to a neglect of structural and technological aspects of economic systems such as social network dynamics, technological progress and the structural changes in the variety and balance of economic activities. Innovation driven socioeconomic change has decisive influences on the capabilities of the actors to be active agents in the development processes. For instance, the variety of economic sectors in a country and the access to information and finance networks determine occupational choices and learning opportunities. Economic diversification and social network dynamics follow evolutionary paths that can contribute to human development, but also intrinsically drive success-breeds-success mechanisms and inequality reproduction. Therefore, an agent oriented evolutionary theory of inequality and qualitative change has to take these structural features of economic development into account. -- |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fziddp:482012&r=hpe |
| By: | Milan Palat (Department of Territorial Studies, Faculty of Regional Development and International Studies, Mendel University in Brno); Petr Wawrosz (Faculty of Economic Studies, The University of Finance and Administration); Tomas Otahal (Department of Economics, Faculty of Business and Economics, Mendel University in Brno) |
| Abstract: | Scholars making economic policy recommendations to resolve corruption problem use several approaches, the most dominant of which are the principal-agent and rent-seeking theories. In this paper, we argue that the principal-agent theory has problems accounting for the environment in which the agents offering and accepting corruption operate, as well as explaining the importance of the agents for the survival of their environment. The rent-seeking theory, on the other hand, finds it difficult to establish socially effective legislation and ways to determine the barriers to entry that motivate agents to behave corruptly. Both problems, however, are vital for solving the problem of corruption. Lacking the knowledge of the agent's environment (system) and their significance for the survival of the system, the theory cannot define incentives that would discourage the agent from acting in a corrupted way. If the rent-seeking theory does not determine the barriers to entry that motivate agents to behave corruptly, it cannot determine the proper legislation that would deter corrupt behavior and lead to economic development. For these reasons we investigate if both problems can be explained and solved within the alternative theory of redistribution systems and its part - the theory of parallel redistribution games. |
| Keywords: | Corruption, redistribution system, parallel redistribution game, game theory |
| JEL: | D72 D74 D82 C71 |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:men:wpaper:25_2012&r=hpe |
| By: | Lambert, Remy |
| Abstract: | The objective of this document is to provide non-economists the analytical tools to understand the economics of Canada's supply management programs. It begins with an overview of Canada's supply management programs and a discussion about their history. It then provides a review of basic economic concepts needed to understand how supply management policies affect the behavior of agents along supply chains. Interprovincial and international issues are discussed and differences between supply chains with and without supply management are analyzed. |
| Keywords: | supply management programs, agri-food supply chains, agricultural policy, Canada, Agricultural and Food Policy, Political Economy, |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:ags:spaawp:125246&r=hpe |
| By: | Timo Heinrich (University of Duisburg-Essen, Department of Economics, Germany); Irenaeus Wolff (Thurgau Institute of Economics at the University of Konstanz, Department of Economics, Germany) |
| Abstract: | Aggregate behavior in two-player hide-and-seek games deviates systematically from the mixed-strategy equilibrium prediction of assigning all actions equal probabilities (Rubinstein and Tversky, 1993, Rubinstein et al., 1996, Rubinstein, 1999). As Crawford and Iriberri (2007) point out, this deviation can be explained by strategic level-k reasoning. Here we provide empirical evidence that, indeed, it is non-equilibrium beliefs that lead to the behaviour observed in the earlier studies: when a player's opponent is forced to play the equilibrium strategy, the player's choices are uniformly spread over the action space. At the same time, we find robust evidence of an unexpected framing effect. |
| Keywords: | Salience, level-k reasoning, cognitive hierarchy, hide-and-seek game, framing effect |
| JEL: | C72 C91 |
| Date: | 2012–03–19 |
| URL: | http://d.repec.org/n?u=RePEc:knz:dpteco:1211&r=hpe |
| By: | Situngkir, Hokky; Prasetyo, Yanu Endar |
| Abstract: | Indonesian traditional villagers have a tradition for the sake of their own social and economic security named “nyumbang”. There are wide variations of the traditions across the archipelago, and we revisit an observation to one in Subang, West Java, Indonesia. The paper discusses and employs the evolutionary game theoretic insights to see the process of “gantangan”, of the intertwining social cohesion and economic expectation of the participation within the traditional activities. The current development of the “gantangan” tradition is approached and generalized to propose a view between the economic and social sphere surrounding modern people. The interaction between social and economic sphere might be seen as a kind of Lokta-Volterra’s predator-prey-like interaction, where both are conflicting yet in a great necessity one another for the sustainability of the social life. While some explanations due to the current development of “gantangan” is drawn, some aspects related to traditional views complying the modern life with social and economic expectations is outlined. |
| Keywords: | social and economic sphere; traditional village ecology; evolutionary game theory; social security |
| JEL: | C78 I0 B52 H0 J0 A14 |
| Date: | 2012–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39671&r=hpe |
| By: | Yehuda (John) Levy |
| Abstract: | We present a discounted stochastic game with a continuum of states, finitely many players and actions, such that although all transitions are absolutely continuous w.r.t. a fixed measure, it possesses no stationary equilibria. This absolute continuity condition has been assumed in many equilibrium existence results, and the game presented here complements a recent example of ours of a game with no stationary equilibria but which possess deterministic transitions. We also show that if one allows for compact action spaces, even games with state-independent transitions need not possess stationary equilibria. |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:huj:dispap:dp612&r=hpe |
| By: | Berninghaus, Siegfried; Güth, Werner; Li, King King |
| Abstract: | Approximate truth refers to the principle that border cases should be analyzed by solving generic cases and solving border cases as limits of generic ones (Brennan et al., 2008). Our study experimentally explores whether this conceptual principle is also behaviorally appealing. To do so, we focus on perfectness (Selten, 1975) and use his example game with (no) multiplicity of (perfect) equilibria. Distinguishing three uniform perturbation levels, we check for monotonicity (all players react monotonically to the perturbation level) and then explore the behavioral relevance of approximate truth. -- |
| Keywords: | experimental games,trembling hand perfectness,perturbed strategies |
| JEL: | C70 C72 C91 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kitwps:41&r=hpe |
| By: | Halevy, Yoram |
| Abstract: | A sequence of experiments documents static and dynamic "preference reversals" between sooner-smaller and later-larger rewards, when the sooner reward could be immediate. The theoretically-motivated design permits separate identification of time-consistent, stationary and time-invariant choices. Half of the subjects are time consistent, but only two-thirds of them exhibit stationary choices. About half of subjects with time inconsistent choices have stationary preferences. These results challenge the view that present-bias preferences are the main source of time inconsistent choices. |
| Keywords: | Discounting, dynamic consistency, present bias, stability |
| JEL: | D03 D81 D91 C91 |
| Date: | 2012–06–24 |
| URL: | http://d.repec.org/n?u=RePEc:ubc:pmicro:yoram_halevy-2012-19&r=hpe |
| By: | Ladislava Grochova (Department of Economics, Faculty of Business and Economics, Mendel University in Brno); Tomas Otahal (Department of Economics, Faculty of Business and Economics, Mendel University in Brno) |
| Abstract: | Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of law (Smith 2001, chap 5). The modern Public Choice proponents argue that corruption and lobbying might influence the efficiency of the rule of law. While Chicago Public Choice scholars model how legal lobbying, which is corruption in Virginia Public Choice perspective, improves efficiency of the rule of law and thus the overall economic efficiency, the Virginia Public Choice models explain how corruption reduces efficiency of the rule of law and thus the overall economic efficiency. In this short paper, we present a brief survey distinguishing between arguments of the Chicago Public Choice and Virginia Public Choice schools on how corruption influences economic efficiency. We argue that the Virginia Public Choice explanation is more realistic because it includes the influence of bureaucratic rent-seeking. |
| Keywords: | Bureaucracy, corruption, economic efficiency, Chicago Public Choice, Virginia Public Choice, rent-seeking, rule of law |
| JEL: | D74 K42 P3 |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:men:wpaper:24_2012&r=hpe |
| By: | Pablo Branas-Garza; Debrah Meloso; Luis Miller |
| Abstract: | We use response time (RT) and behavioral data from two different but related games to test the hypothesis that individuals use introspection when confronted with a new strategic situation. Our results confirm that the need to reflect about the possible behavior of the other player (interactive thought) has an important role in the mental processes present in strategic interactions. We also find that players with longer response times have distributions of behavior that are more dispersed than for faster players. This suggests that the longest RTs across games correspond to thought dedicated to the resolution of moral dilemmas and not to guessing the likely behavior of other players in order to maximize own payoff. |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:440&r=hpe |
| By: | Yaakov Kareev |
| Abstract: | Being a product of evolutionary pressures, it would not be surprising to find that what seems to be a limitation of the cognitive system is actually a fine-tuned compromise between a set of competing needs. This thesis is demonstrated using the case of the limited capacity of short-term memory, which is often regarded as the prime example of a cognitive limitation. |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:huj:dispap:dp611&r=hpe |
| By: | Jérôme Blanc (TRIANGLE - Triangle : action, discours, pensée politique et économique - CNRS : UMR5206 - Université Lumière - Lyon II - Institut d'Études Politiques (IEP) - Lyon - École Normale Supérieure - Lyon - Université Jean Monnet - Saint-Etienne) |
| Abstract: | Le dossier présenté ici est constitué de quatre textes dont des versions préliminaires ont été présentées lors du colloque international " Trente années de monnaies sociales et complémentaires, et après ? ", qui s'est tenu à l'École normale supérieure de Lyon les 16-17 février 2011. Cette introduction présente ce colloque et discute les quatre textes. Elle souligne la diversité des dispositifs étudiés, la question des difficultés et des réussites, commune aux quatre textes, ainsi que des questions transversales soulevées. |
| Keywords: | Monnaies sociales et complémentaires, évaluation |
| Date: | 2012–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00709188&r=hpe |
| By: | Diani, Morad |
| Abstract: | For centuries, the “left brain” prevailed and has been particularly deployed in the processes of value creation. Nowadays, the advent of creative industries seems to be synonymous to a revenge of the “right brain”. The main conclusion of this article is that these new dynamics would involve mainly the Northern Hemisphere, capitalizing on age-long creative cultural genes and receptive grounds. Through the iPad stylized fact and the Sperry's model of hemispheric specialization, this article discusses the degree of appropriation of the intangible-based economic dynamics in both developed, emerging and peripheral countries, and outlines the contours of the global architectures of knowledge and creativity. |
| Keywords: | Economics of Knowledge; Knowledge-based Economy; Creative Economy |
| JEL: | F02 D89 O33 A10 |
| Date: | 2012–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39755&r=hpe |
| By: | Michel Damian (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - CNRS : FRE2664 - Université Pierre Mendès-France - Grenoble II) |
| Abstract: | L'article soutient que l'économie du changement climatique est à repenser. La manière dont on a posé le problème et recherché des solutions (coopération internationale " par le haut ", permis CO2, taxe, prix du carbone) est présentée et discutée. Il est montré que la transition énergétique et industrielle qui se dessine témoigne d'un changement de paradigme par rapport à l'économie néoclassique de l'environnement qui a sous-tendu la politique climatique depuis la conférence de Rio en 1992. Sur le plan normatif, l'article défend l'idée que la seule taxation du CO2 envisageable est une taxe non pas Pigouvienne mais à la Marshall, c'est-à-dire une taxe dédiée, de financement, dont le montant ne pourrait être au départ que modeste. |
| Keywords: | ECONOMIE DU CHANGEMENT CLIMATIQUE ; TRANSITION ENERGETIQUE ; POLITIQUE CLIMATIQUE |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00709929&r=hpe |
| By: | Sterner, Cornelia |
| Abstract: | In this thesis, the idea of an unconditional basic income is investigated by means of sociological and public finance analyses, with results about structural problems of the Austrian tax and transfer system building the starting point. The unconditional basic income in the form of a negative income tax is therefore discussed and tentatively developed. It is suggested that the negative income tax should be granted unconditionally and individually to all legal and permanent residents without the obligation of services in return. Besides the negative lump sum tax, a lump sum supplement should be granted for caregivers, honorary workers and people incapable of working. Based on a person’s own income a positive tax should be counted against the negative income tax. With the implementation of the suggested model of a negative income tax, basic (financial) needs could be secured and the tax and transfer system could be harmonized, whereby administration effort could be reduced and poverty traps avoided. It is stressed that for the implementation of a comprehensive model of a negative income tax all relevant parameters as well as possible impacts need to be investigated cautiously; suggestions of this thesis therefore need to be seen as a first attempt. The attitude towards an unconditional basic income furthermore influences its successful implementation. Results suggest that great importance needs to be laid on the designation of the model as well as the conservation of the performance principle and self-responsibility to ensure a successful transformation. |
| Keywords: | basic income; welfare state; securing basic needs; poverty trap |
| JEL: | E62 Y40 I3 H2 D1 D31 E24 E61 H3 |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39703&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech12012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech22012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech32012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech42012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech52012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech62012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech72012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech82012&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Chapter from a book entitled Thermoeconomics, A Thermodynamic Approach to Economics (Third Edition), which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes, reaction kinetics entropy and maximisation and the cycle. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, and interest rates. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of investment and economic entropy, including DCF, annuities and bonds. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book.Chapter 9 is a discussion of thermoeconomics and sustainability. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, elasticity, employment, climate change |
| JEL: | A1 C02 C68 D5 E O |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech92012&r=hpe |