Global Thermoeconomics
This paper illustrates that basic global economic concepts can be directly related to the First and Second Laws of Thermodynamics. We believe that all economic returns are from nothing except from current and past human expenditure of human energy; this is the result of the First Law of Thermodyn...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
University of Warsaw
2017-03-01
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| Series: | Journal of Banking and Financial Economics |
| Subjects: | |
| Online Access: | https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1069&context=jbfe |
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| Summary: | This paper illustrates that basic global economic concepts can be directly related to the First and
Second Laws of Thermodynamics. We believe that all economic returns are from nothing except
from current and past human expenditure of human energy; this is the result of the First Law
of Thermodynamics. It is shown that everything is a product of energy in the form of labor and
that the basic principle of Labor Theory of Value is still valid and this principle is validated not
relying on economics and fi nance models, rather on thermodynamic principles. This is illustrated
by the development of the Labor Value Equation based on the application of the First and Second
Law of Thermodynamics and how it can impact employment, asset valuation, supply/demand,
productivity, global confl ict, global reserve currency and global stability. |
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| ISSN: | 2353-6845 |