The Second Law of Economics

Energy, Entropy, and the Origins of Wealth

Nonfiction, Science & Nature, Science, Other Sciences, System Theory, Business & Finance, Industries & Professions, Industries, Social & Cultural Studies, Social Science
Cover of the book The Second Law of Economics by Reiner Kümmel, Springer New York
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Reiner Kümmel ISBN: 9781441993656
Publisher: Springer New York Publication: June 24, 2011
Imprint: Springer Language: English
Author: Reiner Kümmel
ISBN: 9781441993656
Publisher: Springer New York
Publication: June 24, 2011
Imprint: Springer
Language: English

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 Kümmel 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 Kümmel 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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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 Kümmel 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 Kümmel 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.

More books from Springer New York

Cover of the book Victor McKusick and the History of Medical Genetics by Reiner Kümmel
Cover of the book Integration of Information and Optimization Models for Routing in City Logistics by Reiner Kümmel
Cover of the book Identity and Intimacy in Marriage by Reiner Kümmel
Cover of the book Frozen Section Library: Lymph Nodes by Reiner Kümmel
Cover of the book Dealing with Dilemma by Reiner Kümmel
Cover of the book Emerging Trends in Computing, Informatics, Systems Sciences, and Engineering by Reiner Kümmel
Cover of the book Space Physiology and Medicine by Reiner Kümmel
Cover of the book R for Stata Users by Reiner Kümmel
Cover of the book Embedded Systems Design with FPGAs by Reiner Kümmel
Cover of the book Autophagy and Cancer by Reiner Kümmel
Cover of the book National Intellectual Capital and the Financial Crisis in Israel, Jordan, South Africa, and Turkey by Reiner Kümmel
Cover of the book Distributions of Correlation Coefficients by Reiner Kümmel
Cover of the book Everyday Memory and Aging by Reiner Kümmel
Cover of the book Organizational Psychology for Managers by Reiner Kümmel
Cover of the book Ecopsychology, Phenomenology, and the Environment by Reiner Kümmel
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy