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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| Format: | Article |
| Language: | English |
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University of Warsaw
2017-03-01
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| Series: | Journal of Banking and Financial Economics |
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| Online Access: | https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1069&context=jbfe |
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| _version_ | 1850056073214427136 |
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| author | Mario W. Cardullo Manhong Mannie Liu |
| author_facet | Mario W. Cardullo Manhong Mannie Liu |
| author_sort | Mario W. Cardullo |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-d7e376b6395f450bb9cf2032ea690b53 |
| institution | DOAJ |
| issn | 2353-6845 |
| language | English |
| publishDate | 2017-03-01 |
| publisher | University of Warsaw |
| record_format | Article |
| series | Journal of Banking and Financial Economics |
| spelling | doaj-art-d7e376b6395f450bb9cf2032ea690b532025-08-20T02:51:46ZengUniversity of WarsawJournal of Banking and Financial Economics2353-68452017-03-0120171(7)708910.7172/2353-6845.jbfe.2017.1.4Global ThermoeconomicsMario W. Cardullo0Manhong Mannie Liu1The Belfield Group, Inc., Alexandria, Virginia, USARenmin University, Beijing, The People’s Republic of ChinaThis 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.https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1069&context=jbfethermodynamicslabor theory of valuelabor value equationglobal reserve currencyfinancial stabilityemploymentasset valuationproductivity |
| spellingShingle | Mario W. Cardullo Manhong Mannie Liu Global Thermoeconomics Journal of Banking and Financial Economics thermodynamics labor theory of value labor value equation global reserve currency financial stability employment asset valuation productivity |
| title | Global Thermoeconomics |
| title_full | Global Thermoeconomics |
| title_fullStr | Global Thermoeconomics |
| title_full_unstemmed | Global Thermoeconomics |
| title_short | Global Thermoeconomics |
| title_sort | global thermoeconomics |
| topic | thermodynamics labor theory of value labor value equation global reserve currency financial stability employment asset valuation productivity |
| url | https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1069&context=jbfe |
| work_keys_str_mv | AT mariowcardullo globalthermoeconomics AT manhongmannieliu globalthermoeconomics |