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Thermoeconomics
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of thermodynamics to economic theory. The term "thermoeconomics" was coined in 1962 by American engineer Myron Tribus,〔Yehia M. El-Sayed (2003). ''The Thermoeconomics of Energy Conversions'' (pg. 4). Pergamon.〕〔A. Valero, L. Serra, and J. Uche (2006). (Fundamentals of Exergy Cost Accounting and Thermoeconomics. Part I: Theory ), Journal of Energy Resources Technology, Volume 128, Issue 1, pp. 1-8.〕〔Gong, Mei, Wall, Goran. (1997). (On Exergetics, Economics and Optimization of Technical Processes to Meet Environmental Conditions ). Exergy Studies.〕 Thermoeconomics can be thought of as the statistical physics of economic value.
== Basis ==
Thermoeconomics is based on the proposition that the role of energy in biological evolution should be defined and understood not through the second law of thermodynamics but in terms of such economic criteria as productivity, efficiency, and especially the costs and benefits (or profitability) of the various mechanisms for capturing and utilizing available energy to build biomass and do work.〔Peter A. Corning 1
*, Stephen J. Kline. (2000). (Thermodynamics, information and life revisited, Part II: Thermoeconomics and Control information ) Systems Research and Behavioral Science, Apr. 07, Volume 15, Issue 6 , Pages 453 – 482〕〔Corning, P. (2002). “(Thermoeconomics – Beyond the Second Law )”〕
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