In the course of this series, we laid out the foundations of — and rationale for — adapting and applying the concepts of entropy to economic analysis.… Read more “Entropy and Economics: Agglomeration”
Tag: Entropy
Economics and Entropy: Fitness II
In the previous installments, we explained how value is created through irreversible processes, how all economic transactions and transformations involve entropy, and we took a stab into… Read more “Economics and Entropy: Fitness II”
Entropy and Economics: Fitness
In the previous installments, we explained how value is created through irreversible processes, and all economic transactions and transformations involve entropy; that is, a loss of energy… Read more “Entropy and Economics: Fitness”
Entropy and Economics: Entropy
In the last part of this series, we explored the implications of the first condition of value creation; irreversibility, and saw how through the production process, humans… Read more “Entropy and Economics: Entropy”
Economics and Entropy: Irreversibility
In the first part of this series readers were introduced to Nicholas Georgescu-Roegen, and the conditions by which economic value is created under entropy. In this part,… Read more “Economics and Entropy: Irreversibility”
Entropy and Economics: The G-R Conditions
In a short conversation with Steve Randy Waldman, in which I was pleasantly surprised to hear him praise my article about “failing faster“, I was inspired to… Read more “Entropy and Economics: The G-R Conditions”