Eco-thermodynamics : Economics and the Second Law

@inproceedings{Ayres2008EcothermodynamicsE,
  title={Eco-thermodynamics : Economics and the Second Law},
  author={Robert U. Ayres},
  year={2008}
}
The laws of physics, especially the first and second laws of thermodynamics, have significant implications for economic theory. The major implications of the First Law (conservation of mass/energy) are straightforward and have been discussed at length elsewhere. In brief, raw material inputs to economic processes are not "consumed". Having been extracted from the environment in the first place, they eventually return to the environment as wastes. The economic implications of the Second Law… CONTINUE READING
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