Thermodynamics in Economics: Revolutionary portent, future history by Eric Zencey Ecological Economics represents the extension into economics of the thermodynamic revolution of the nineteenth and twentieth centuries. In physics, that revolution dethroned Newton and brought relativity. In biology, it was midwife to the birth of ecology, the study of ecosystems as wholes in which energy networks—food […]
Economics Ignores Thermodynamics by Eric Zencey Editor’s Note: An earlier version of this essay appeared as a comment in the Great Transition Network Forum, which will appear on the Great Transition Initiative website next week along with a new essay by Herman Daly, “Economics for a Full World.” Ecological Economics and its corollary, Steady State […]
Our current economic policy goal is not fit for a finite and entropic world. But what would our economic policy goal be in a steady state economy?
Whether it’s an apartment complex or an economy, the slumlord model of management can only lead to ruin and regret.
Herman Daly offers an original take on the tired debate of “too many people vs. too much consumption” — a spot-on reframing of a critical issue.
Everyone who participates in the economy should understand the relevance of entropy to economic production and consumption.
Herman Daly explains Frederick Soddy’s far-reaching economic insight, and he comes up with a doozy of a conclusion.
Herman Daly exposes the absurdity of geo-engineering as a solution to climate change.
We can no longer afford to ignore the fundamental operating rules for the economy.