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The method can be used to assess environmental burdens associated with the economic activities of a nation and to determine how material intensive an economy is. The principle concept underlying MFA is a simple model of this interrelation between the economy and the environment, in which the economy is an embedded subsystem of the environment.
Studies of social metabolism can be carried out at different levels of system aggregation, see material flow analysis. In material flow accounting, for example, the inputs and outputs of materials and energy of a particular state or region, as well as imports and exports, are analysed.
Material flow analysis (MFA), also referred to as substance flow analysis (SFA), is an analytical method to quantify flows and stocks of materials or substances in a well-defined system. MFA is an important tool to study the bio-physical aspects of human activity on different spatial and temporal scales.
MFA is the more target-oriented analysis of substance flow within a system of production, especially within a company. [7] Material flow analysis is the responsibility of both organized governments and industries. [2] While policies produced by governmental bodies create a framework, the actual design and implementation are done by industries.
Whereas the mercantilist school of economics held that value in the products of society was created at the point of sale, [4] by the seller exchanging his products for more money than the products had "previously" been worth, the physiocratic school of economics was the first to see labor as the sole source of value.
Affinity analysis falls under the umbrella term of data mining which uncovers meaningful correlations between different entities according to their co-occurrence in a data set. In almost all systems and processes, the application of affinity analysis can extract significant knowledge about the unexpected trends [ citation needed ] .
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. [1] Thermoeconomics can be thought of as the statistical physics of economic value [ 2 ] and is a subfield of econophysics .
Economic events are considered as processes of creation, motion and distribution of value that is firstly measured as exchange value.The factor interpretation of the exchange value, accepted by Econodynamics, is based on the Smith-Marx's labour theory of value, according to which efforts of workers are the most essential production factor.