Description

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This book stems from peer-reviewed work the author has published in energy and scientific journals, and follow-up working papers produced on the many links between economics, energy and thermodynamics. Topics covered in this third edition of the book include the gas laws, the distribution of income, the 1st and 2nd Laws of Thermodynamics applied to economics, economic processes and elasticity, entropy and utility, production processes, empirical monetary and employment analysis of the UK and USA economies up to 2011, interest rates, investment and discounted cash flow, bond yield and spread, unemployment, entropy maximization principles, business cycles and reaction kinetics. A chapter is devoted to in-depth analyses of world energy resources and climate change as factors that will impact on economic output. The book finishes with a discussion of the future sustainability of the economic system commensurate with prevailing constraints. The book is aimed at the professional/scholarly and further/higher education economics and science markets.