The Physical Foundation of Economics: An Analytical Thermodynamic Theory

The Physical Foundation of Economics: An Analytical Thermodynamic Theory

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Manufacturer: World Scientific Publishing Company
Author: Jing Chen
Binding: Hardcover
Publication Date: 2005-11-30
Publisher: World Scientific Publishing Company
Label: World Scientific Publishing Company
Number Of Pages: 132
Features:

Editorial Review:
All human activities, including mental activities, are governed by physical laws and are essentially thermodynamic processes. However, current economic theories are not established on these foundations. This pioneering book seeks to develop an analytical theory of economics on the foundation of thermodynamic laws. A unified understanding of economic and social phenomena is presented, an understanding that is much simpler than what mainstream economic theory has to offer. Its aim is to revolutionize thinking in economics and transform social sciences into an integral part of the physical and biological sciences.
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Customer Reviews
Average Customer Rating:

Good book to have in your economic thermodynamics collection

2008-04-04
Chen's book is the fruitful result of a number of economic thermodynamic articles he has been writing over the years. The book has both its strong, e.g. sexual selection and thermodynamics, and weak points, e.g. too much reliance on Shannon's information theory, and in any event both routes provide for stimulation. An excellent quote, for instance, is: "the low entropy state is the main way of advertising for most sexually reproducing species". Whatever your background, you will enjoy your read and we look forward to Chen's follow-up book.

Best New Idea in Economics in Years

2006-04-09
Before I begin this review, let me just say that I was a student of Jing Chen so there will naturally be some bias here, but I will try to be fare.
This book presents a theory that bridges the well ordered world of physics and the chaotic world of economics. It goes a long way in explaining why the world of human structures and systems are the way they are and suggests that, perhaps, the world is not as unpredictable, chaotic or complex as the dismal science would have us believe. This book contains a fundamental idea that leaves readers thinking, "that's so simple and obvious, I could of thought of that".
Unfortunately the book does suffer from being too complex for a wide audience. Some people will be intimidated by the mathematics involved, but if you can get past the math this book is very worthwhile. A "dumbed down" version would be nice to see so this profound idea could be brought to a wider audience.

Pioneer work linking economics and physics

2005-12-21
I read the whole book. The author did a pioneer work in using physics principle to explain social and economical phenomenon. The author also demonstrated his deep concern about the environmental effect of economic development.

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