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Books > Earth & environment > The environment > Environmental economics > Sustainability
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The Second Law of Economics - Energy, Entropy, and the Origins of Wealth (Paperback, 2011 ed.)
Loot Price: R1,604
Discovery Miles 16 040
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The Second Law of Economics - Energy, Entropy, and the Origins of Wealth (Paperback, 2011 ed.)
Series: The Frontiers Collection
Expected to ship within 10 - 15 working days
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Nothing happens in the world without energy conversion and entropy
production. These fundamental natural laws are familiar to most of
us when applied to the evolution of stars, biological processes, or
the working of an internal combustion engine, but what about
industrial economies and wealth production, or their constant
companion, pollution? Does economics conform to the First and the
Second Law of Thermodynamics? In this important book, Reiner Kummel
takes us on a fascinating tour of these laws and their influence on
natural, technological, and social evolution. Analyzing economic
growth in Germany, Japan, and the United States in light of
technological constraints on capital, labor, and energy, Professor
Kummel upends conventional economic wisdom by showing that the
productive power of energy far outweighs its small share of costs,
while for labor just the opposite is true. Wealth creation by
energy conversion is accompanied and limited by polluting emissions
that are coupled to entropy production. These facts constitute the
Second Law of Economics. They take on unprecedented importance in a
world that is facing peak oil, debt-driven economic turmoil, and
threats from pollution and climate change. They complement the
First Law of Economics: Wealth is allocated on markets, and the
legal framework determines the outcome. By applying the First and
Second Law we understand the true origins of wealth production, the
issues that imperil the goal of sustainable development, and the
technological options that are compatible both with this goal and
with natural laws. The critical role of energy and entropy in the
productive sectors of the economy must be realized if we are to
create a road map that avoids a Dark Age of shrinking natural
resources, environmental degradation, and increasing social
tensions.
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