The Unity of Science and Economics
Jing Chen
Naturwissenschaften, Medizin, Informatik, Technik / Theoretische Physik
Beschreibung
This book presents a new economic theory developed from physical and biological principles. It explains how technology, social systems and economic values are intimately related to resources. Many people have recognized that mainstream (neoclassical) economic theories are not consistent with physical laws and often not consistent with empirical patterns, but most feel that economic activities are too complex to be described by a simple and coherent mathematical theory. While social systems are indeed complex, all life systems, including social systems, satisfy two principles. First, all systems need to extract resources from the external environment to compensate for their consumption. Second, for a system to be viable, the amount of resource extraction has to be no less than the level of consumption. From these two principles, we derive a quantitative theory of major factors in economic activities, such as fixed cost, variable cost, discount rate, uncertainty and duration. The mathematical theory enables us to systematically measure the effectiveness of different policies and institutional structures at varying levels of resource abundance and cost.
Kundenbewertungen
Economic Values and Resource Constraints, Entropy Theory of Value, Social Systems and Resource Constraints, Social and Biological Systems, Economic Analysis, Entropy Resources Economics, Entropy Theory of Information, Technology and Resources, data-driven science, modeling and theory building, Mathematical Theory of Production, Resource Constraints, New Economic Theory of, Physical and Biological Economic Theory, Economics of Resource Constraints