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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 .
Wealth, Virtual Wealth and Debt is a 1926 book by the Nobel Prize–winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems. Soddy criticized the focus on monetary flows in economics , arguing that real wealth was derived from the use of energy to transform materials into physical goods and ...
The first component, the constant stocks, is similar to the concept of the stationary state, originally used in classical economics; the second component, the flow of natural resources, is a new ecological feature, presently also used in the academic discipline of ecological economics.
Libidinal Economy (French: Économie Libidinale) is a 1974 book by French philosopher Jean-François Lyotard.The book was composed following the ideological shift of the May 68 protests in France, whereupon Lyotard distanced himself from conventional critical theory and Marxism because he felt that they were still too structuralist and imposed a rigid "systematization of desires". [1]
A flow variable is measured over an interval of time. Therefore, a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense. For example, U.S. nominal gross domestic product refers to a total number of dollars spent over a time period, such as a year. Therefore, it is a flow variable, and ...
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
The model structure basically helps in understanding how the flows are connected from a behavioral perspective or in simple words how the behavior of a sector affects the flow of funds in the system, e.g., the factors that affect the consumption (C) of the household is not clear from the flow of funds but can be explained by the model.
In the context of a thermal power station and other industrial facilities, the output of the cooling system may be referred to as the effluent cooling water, which is noticeably warmer than the environment and is called thermal pollution. [9]: 375 In chemical engineering practice, effluent is the stream exiting a chemical reactor. [10]