Global Thermoeconomics

• Autorzy: Mario W. Cardullo , Manhong Mannie Liu
• Języki publikacji: EN

Abstrakty

EN

This paper illustrates that basic global economic concepts can be directly related to the First and Second Laws of Thermodynamics. We believe that all economic returns are from nothing except from current and past human expenditure of human energy; this is the result of the First Law of Thermodynamics. It is shown that everything is a product of energy in the form of labor and that the basic principle of Labor Theory of Value is still valid and this principle is validated not relying on economics and fi nance models, rather on thermodynamic principles. This is illustrated by the development of the Labor Value Equation based on the application of the First and Second Law of Thermodynamics and how it can impact employment, asset valuation, supply/demand, productivity, global confl ict, global reserve currency and global stability. (original abstract)

Słowa kluczowe

EN

Economic theory; Dynamical systems; Labour; Value theory

PL

Teoria ekonomii; Układy dynamiczne; Praca; Teoria wartości

• Czasopismo: Journal of Banking and Financial Economics
• Rocznik: 2017
• Numer: nr 1(7)
• Strony: 70--89

Twórcy

autor

Mario W. Cardullo

• The Bel fi eld Group, Inc., Alexandria, Virginia, USA

autor

Manhong Mannie Liu

• Renmin University, Beijing, The People's Republic of China

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Identyfikatory

DOI

10.7172/2353-6845.jbfe.2017.1.4