Abstract
The economic process can be modeled in terms of eight elementary vertices that take account of entropy generation and energy and mass flows in specific processes. This representation emphasizes aspects of the economic process that are frequently neglected in other models, particularly the role played by materials in facilitating specific processes.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
References
Sadi Carnot (1824) Reflections on the Motive Power of Fire, reprinted 1960, E. Mendoza, ed. (New York: Dover ).
Nicholas Georgescu-Roegen (1966) Analytical Economics: Issues and Problems (Cambridge, Mass.: Harvard University Press); (1971) The Entropy Law and the Economic Process (Cambridge, Mass.: Harvard University Press); (1977) The steady state and ecological salvation: a thermodynamic analysis, BioScience 27, 266–270; (1978) Technology assessment: the case of solar energy, Atl. Econ. J. 6, 15–21; (1978/79) Energy and matter in mankind’s technological circuit, J. Bus. Admin. (Univ. of B.C.) 10, 107–125; (1979) Energy analysis and economic valuation, South. Econ. J. 45, 1023–1058; (1980) Matter: a resource ignored by thermodynamics, in L. E. St.-Pierre and G. R. Brown, eds., Chemrawn I (invited lectures presented at the World Conference on Future Resources of Organic Raw Materials, Toronto, July 10–13, 1978) ( Oxford: Pergamon Press ), pp. 79–87.
Ludwig von Mises (1966) Human Action, 3rd rev. ed. (Chicago: Contemporary Books, Inc.).
R. Costanza (1980) Embodied energy and economic valuation, Science 210, 1219–1224.
R. S. Berry (1972) Recycling, thermodynamics and environmental thrift, Bull. At. Sci. 27, 8–15.
John C. Allred and Hillard H. Howard (1977) Second Law Concepts and Energy Converters ( Houston: Biophysical Research Corporation ), pp. 27–30.
I. Prigogine, G. Nicolis, and A. Babloyantz (1972) Phys. Today 25 (Nov.), 23–28.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1985 Springer Science+Business Media Dordrecht
About this chapter
Cite this chapter
Howard, H.H., Allred, J.C. (1985). Vertices of Entropy in Economic Modeling. In: Smith, C.R., Grandy, W.T. (eds) Maximum-Entropy and Bayesian Methods in Inverse Problems. Fundamental Theories of Physics, vol 14. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-2221-6_25
Download citation
DOI: https://doi.org/10.1007/978-94-017-2221-6_25
Publisher Name: Springer, Dordrecht
Print ISBN: 978-90-481-8418-7
Online ISBN: 978-94-017-2221-6
eBook Packages: Springer Book Archive