Free PDF The Entropy Law and the Economic Process, by Nicholas Georgescu-Roegen
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The Entropy Law and the Economic Process, by Nicholas Georgescu-Roegen
Free PDF The Entropy Law and the Economic Process, by Nicholas Georgescu-Roegen
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"Every few generations a great seminal book comes along that challenges economic analysis and through its findings alters men's thinking and the course of societal change. This is such a book, yet it is more. It is a "poetic" philosophy, mathematics, and science of economics. It is the quintessence of the thought that has been focused on the economic reality. Henceforce all economists must take these conclusions into account lest their analyses and scholarship be found wanting. "The entropy of the physical universe increases constantly because there is a continuous and irrevocable qualitative degradation of order into chaos. The entropic nature of the economic process, which degrades natural resources and pollutes the environment, constitutes the present danger. The earth is entropically winding down naturally, and economic advance is accelerating the process. Man must learn to ration the meager resources he has so profligately squandered if he is to survive in the long run when the entropic degradation of the sun will be the crucial factor, "for suprising as it may seem, the entire stock of natural resources is not worth more than a few days of sunlight!" Georgescu-Rogen has written our generation's classic in the field of economics."Library Journal
- Sales Rank: #2281875 in Books
- Color: Other
- Published on: 1999-11-23
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.19" w x 6.00" l, 1.56 pounds
- Binding: Paperback
- 476 pages
Most helpful customer reviews
1 of 1 people found the following review helpful.
Georgescu-Roegen: a missed Nobel prize
By ClaudioC
Nicholas Georgescu-Roegen's fame is due to his book The Entropy Law and Economic Process (1971) in which NGR conjugates thermodynamics and economics. But his importance for political economy goes far before the publication of this book and involves many different aspects of the analysis. While the complete theoretical framework described by NGR has been frequently contested, his analysis of the production process has been considered as truly innovative and useful, by many points of view.
0 of 0 people found the following review helpful.
Four Stars
By P. Chen
good book
11 of 12 people found the following review helpful.
Brilliant, but not Perfect
By Gabriel A. Lozada
It must be admitted that Georgescu-Roegen's understanding of entropy was flawed. He, along with many other authors including physicists, thought entropy was a measure of disorder. It is not. That entropy is not a measure of disorder is discussed in a recent scholarly article by chemistry Prof. Frank Lambert, who has a nice web site devoted to the topic. More to the point, it was also discussed in Beard and Lozada's book about Georgescu-Roegen (p. 88, "Economics, Entropy, and the Environment: The Extraordinary Economics of Nicholas Georgescu-Roegen"). It's not easy to say what entropy actually is, but it is straightforward for scientists to measure that, say, the standard entropy of one mole of iron (about 55.8 grams of iron) is 27.7 Joules per Kelvin.
While Georgescu wasn't completely right about all of entropy's aspects, his attacks on Boltzmann's H-Theorem, and on the "information as entropy" school, show completely correct understanding of other aspects of entropy. Furthermore, in his indictment of neoclassical dynamic economics, he was the vanguard of critics who decry slavish devotion to mathematical models which assume we know the future (at least probabalistically). Absorbing Georgescu's lessons would've spared Economics Nobel Laureates Merton and Scholes their disastrous experience running the failed hedge fund Long-Term Capital Management (described in the book "When Genius Failed"): change happens, the past does not always predict the future, and the consequences of one's actions sometimes cannot be imagined by anyone. When investing money, that's a good perspective; when talking about man's effect on the environment, as Georgescu was, it's a perspective that could save the planet.
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