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Author: Edgar Parker Publisher: ISBN: Category : Languages : en Pages : 76
Book Description
All economic and financial activity involves the communication of information across space and time. Additionally, communicated and processed information is the only universal fundamental input to all economic and financial production and exchange. Well established laws from physics and information theory determine the evolution of entropy, the limits on information communication and processing, and the growth of additional uncertainty or entropy as those limits are exceeded. Apparent anomalies such as non-constant implied volatilities across strikes and terms to expiration, and the complete structure of the yield curve arise intuitively when information theory is applied to economics and finance. In fact the current methods used by practitioners to model the volatility surface and the yield curve can be viewed as approximations of the richer structures revealed by information theory.
Author: Edgar Parker Publisher: ISBN: Category : Languages : en Pages : 76
Book Description
All economic and financial activity involves the communication of information across space and time. Additionally, communicated and processed information is the only universal fundamental input to all economic and financial production and exchange. Well established laws from physics and information theory determine the evolution of entropy, the limits on information communication and processing, and the growth of additional uncertainty or entropy as those limits are exceeded. Apparent anomalies such as non-constant implied volatilities across strikes and terms to expiration, and the complete structure of the yield curve arise intuitively when information theory is applied to economics and finance. In fact the current methods used by practitioners to model the volatility surface and the yield curve can be viewed as approximations of the richer structures revealed by information theory.
Author: Reiner Kümmel Publisher: Springer Science & Business Media ISBN: 1441993657 Category : Science Languages : en Pages : 309
Book Description
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.
Author: John E.J. Schmitz Publisher: Elsevier ISBN: 0815519303 Category : Social Science Languages : en Pages : 229
Book Description
In this compelling, and important book, John Schmitz brings order to the world of chaos that surrounds us. The Second Law of Life refers to the second law of thermodynamics, entropy, which is an omnipresent force that quietly and crucially determines every aspect of our society, culture and daily lives. Unless we come to understand entropy, future generations will face consequences of the unstoppable laws of physics.Entropy explains the amount of energy no longer capable of doing work; in other words, wasted energy or heat loss. Each moment of every day, we lose irreplaceable energy and ômodernö technology is not helping. In fact, it is accelerating the problem at a catastrophic rate. û And we will ultimately face a heat death crisis and utter destruction of the Earth. Even actions we take to improve the environment may actually do more damage than good. For example, recycling is considered environmentally, socially and politically correct. Under the influence of entropy, however, it is a prolific waster of energy; we must look at entire systems, not just parts.It is critical that we find ways to reduce energy loss. Seeing the problems with greater clarity will lead to solutions. This fascinating and accessible journey through the second law of thermodynamics is a step in the right direction.
Author: Roderick C. Dewar Publisher: Springer ISBN: 3642401546 Category : Technology & Engineering Languages : en Pages : 434
Book Description
The Second Law, a cornerstone of thermodynamics, governs the average direction of dissipative, non-equilibrium processes. But it says nothing about their actual rates or the probability of fluctuations about the average. This interdisciplinary book, written and peer-reviewed by international experts, presents recent advances in the search for new non-equilibrium principles beyond the Second Law, and their applications to a wide range of systems across physics, chemistry and biology. Beyond The Second Law brings together traditionally isolated areas of non-equilibrium research and highlights potentially fruitful connections between them, with entropy production playing the unifying role. Key theoretical concepts include the Maximum Entropy Production principle, the Fluctuation Theorem, and the Maximum Entropy method of statistical inference. Applications of these principles are illustrated in such diverse fields as climatology, cosmology, crystal growth morphology, Earth system science, environmental physics, evolutionary biology and technology, fluid turbulence, microbial biogeochemistry, plasma physics, and radiative transport, using a wide variety of analytical and experimental techniques. Beyond The Second Law will appeal to students and researchers wishing to gain an understanding of entropy production and its central place in the science of non-equilibrium systems – both in detail and in terms of the bigger picture.
Author: Stanislav Shmelev Publisher: Springer ISBN: 331938919X Category : Science Languages : en Pages : 473
Book Description
State of the art in sustainability thinking, inspired by interdisciplinary ideas of ecological economics. This book is focusing on sustainability pathways, new economic theory, democracy and institutions, multidimensional assessment of sustainability, macroeconomic modelling and policies, climate change and renewable energy, resource flows and circular economy, regenerative cities, environmental conflicts and values. It will be helpful for MSc and PhD students in Economics, Management, Environmental Change, Ecological Economics, Development Economics, Sustainability and practitioners in business, international and nongovernmental organizations. Rich, diverse and thought provoking collection of top level contributions, it will help to facilitate the transition towards sustainability and educational reform. A fabulous composition of papers by the authors who really count! Ernst von Weizsäcker, The Club of Rome The authors present a refreshing perspective on the possibilities of human progress in harmony with nature, without the need for economic growth to secure long term human welfare and wise use of nature's services. Extremely relevant. Peter May, Past President, International Society for Ecological Economics and Professor, UFRRJ, Rio de Janeiro, Brazil The book goes well beyond the Green Economy, offering arguments and blueprints for a complete makeover of the current economic system. With multi- and interdisciplinary contributions ranging from moderately to fundamentally critical of current economics, it raises fundamental questions of value and power, draws on a wide range of theories, opens the eyes for the historical processes that brought about the current crises and demonstrates the value of ecological, but also classical economic thinking to their solution. If better politics require better theories, this is a must read for academics and decision makers in the time of climate crisis. Joachim Spangenberg, Sustainable Europe Research Institute, SERI Germany e.V.
Author: J.S. Shiner Publisher: Springer Science & Business Media ISBN: 0306469324 Category : Science Languages : en Pages : 253
Book Description
Entropy and entropy generation play essential roles in our understanding of many diverse phenomena ranging from cosmology to biology. Their importance is manifest in areas of immediate practical interest such as the provision of global energy as well as in others of a more fundamental flavour such as the source of order and complexity in nature. They also form the basis of most modern formulations of both equilibrium and nonequilibrium thermodynamics. Today much progress is being made in our understanding of entropy and entropy generation in both fundamental aspects and application to concrete problems. The purpose of this volume is to present some of these recent and important results in a manner that not only appeals to the entropy specialist but also makes them accessible to the nonspecialist looking for an overview of the field. This book contains fourteen contributions by leading scientists in their fields. The content covers such topics as quantum thermodynamics, nonlinear processes, gravitational and irreversible thermodynamics, the thermodynamics of Taylor dispersion, higher order transport, the mesoscopic theory of liquid crystals, simulated annealing, information and biological aspects, global energy, photovoltaics, heat and mass transport and nonlinear electrochemical systems. Audience: This work will be of value to physicists, chemists, biologists and engineers interested in the theory and applications of entropy and its generation.
Author: Werner Ebeling Publisher: John Wiley & Sons ISBN: 3527636803 Category : Science Languages : en Pages : 535
Book Description
This thoroughly updated version of the German authoritative work on self-organization has been completely rewritten by internationally renowned experts and experienced book authors to also include a review of more recent literature. It retains the original enthusiasm and fascination surrounding thermodynamic systems far from equilibrium, synergetics, and the origin of life, representing an easily readable book and tutorial on this exciting field. The book is unique in covering in detail the experimental and theoretical fundamentals of self-organizing systems as well as such selected features as random processes, structural networks and multistable systems, while focusing on the physical and theoretical modeling of natural selection and evolution processes. The authors take examples from physics, chemistry, biology and social systems, and include results hitherto unpublished in English. The result is a one-stop resource relevant for students and scientists in physics or related interdisciplinary fields, including mathematical physics, biophysics, information science and nanotechnology.
Author: A. D. Kirwan Publisher: World Scientific ISBN: 9789812384867 Category : Science Languages : en Pages : 206
Book Description
Every day brings a fresh barrage of bewildering claims about science and technology. How non-scientists tell the difference between the hyperbole and those developments that are important? With a modest amount of critical thinking, an understanding of how science is practiced, and a qualitative understanding of the two most sacred principles in science - the first and second laws of thermodynamics - anyone can make the distinction. Critical thinking and the practice of science are not emphasized in undergraduate science courses for non-scientists, while exposure to the first and second laws is usually reserved for physical science and engineering majors. This book introduces non-scientists to these topics and provides detailed applications to a variety of topics.
Author: Robert U. Ayres Publisher: Edward Elgar Publishing ISBN: 1848445954 Category : Business & Economics Languages : en Pages : 435
Book Description
It gives me great pleasure to review this important book. I recommend it highly to any physicist with an interest or curiosity about this economy thing within which we operate. . . There is no excuse not to get this invaluable volume onto your bookshelf. Simon Roberts, Institute of Physics Energy Group This book addresses a very important topic, namely economic growth analysis from the angle of energy and material flows. The treatment is well balanced in terms of research and interpretation of the broader literature. The book not only contains a variety of empirical indicators, statistical analyses and insights, but also offers an unusually complete and pluralistic view on theorizing about economic growth and technological change. This results in a number of refreshing perspectives on known ideas and literatures. The text is so attractively written that I found it very difficult to stop reading. All in all, this is a very original and important contribution to the everlasting debate on growth versus environment. Jeroen C.J.M. van den Bergh, University of Barcelona, Spain and Free University, Amsterdam, The Netherlands Would you want your great-grandchildren in 2100AD to have a 22nd-century industrial economy? If so, read this book to grasp how strongly wealth depends on energy and its efficient use. Start treating fossil energy not as continuing income, but as one-time energy capital to spend on efficiency and long-term sustainable energy production. Otherwise, your descendants will inherit a broken 20th-century economy that only worked with cheap fossil fuels. They will not be rich and they will wonder what their ancestors were thinking. John R. Mashey, PhD, former Chief Scientist, Silicon Graphics Current economic theory attributes most income growth to technical progress. However, since technical progress can neither be defined nor measured, no one really knows what policies will encourage income growth. Ayres and Warr show that access to useful work, which can be defined and measured, explain the bulk of post-1900 income changes in Japan, Britain and the USA. They see rising real prices for fossil fuel and stagnating efficiencies of converting raw energy into useful work as a threat to continued income growth. This brilliant and original work has profound policy implications for future income growth without significant improvements in energy conversion efficiency. Thomas Casten, Chairman, Recycled Energy Development LLC Following the up-and-down energy shock of 2008, Ayres and Warr offer a unique analysis critical to our economic future. They argue that useful work produced by energy and energy services is far more important to overall GDP growth than conventional economic theory assumes. Their new theory, based on extensive empirical and theoretical analysis, has important implications for economists, businessmen and policymakers for anybody concerned with our economic future. Ayres and Warr argue persuasively that economic growth is not only endogenous but has been driven for the past two centuries largely by the declining effective cost of energy. If their new theory is correct, the inevitable future rise of the real cost of energy (beyond the $147 oil price peak in July 2008), could halt economic growth in the US and other advanced countries unless we dramatically improve energy with technology. J. Paul Horne, independent international market economist The historic link between output (GDP) growth and employment has weakened. Since there is no quantitively verifiable economic theory to explain past growth, this unique book explores the fundamental relationship between thermodynamics (physical work) and economics. The authors take a realistic approach to explaining the relationship between technological progress, thermodynamic efficiency and economic growth. Their findings are a step toward the integration of neo-classical and evolutionary perspectives on endogenous economic growth, concluding in a fundam
Author: Vladimir N. Pokrovskii Publisher: Springer Science & Business Media ISBN: 9400720963 Category : Science Languages : en Pages : 203
Book Description
In this book the theory of social production is systematically formulated in terms and concepts of classical political economy and neo-classical economics. In this way the subject becomes accessible not only to professional researchers in areas of the theory of production and economic growth, but also to the educated reader who is curious about the principles behind the functioning of a national economy. The book can be considered as an introduction for students with a background in physics, chemistry and engineering, who wish to specialize in economics. It is explained how the growth of production is connected with achievements in technological consumption of labour and energy. The theory allows one to analyse the past and the present of the social production system and to build scripts of the future progress. The book could be interesting for energy specialists who are engaged in planning and analysing production and consumption of energy carriers and determining energy policy, and for economists who want to know how energy and technology are affecting economic growth.
Author: Edgar Parker
Author: Edgar Parker
Author: Reiner Kümmel
Author: John E.J. Schmitz
Author: Roderick C. Dewar
Author: Stanislav Shmelev
Author: J.S. Shiner
Author: Werner Ebeling
Author: A. D. Kirwan
Author: Robert U. Ayres
Author: Vladimir N. Pokrovskii