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ERIC Number: EJ1052891
Record Type: Journal
Publication Date: 2009
Pages: 4
Abstractor: As Provided
Reference Count: 18
ISSN: ISSN-1942-2504
Thermodynamic Laws Applied to Economic Systems
González, José Villacís
American Journal of Business Education, v2 n3 p83-86 2009
Economic activity in its different manifestations--production, exchange, consumption and, particularly, information on quantities and prices--generates and transfers energy. As a result, we can apply to it the basic laws of thermodynamics. These laws are applicable within a system, i.e., in a country or between systems and countries. To these systems we can apply the thermodynamic principles. In order to work with these concepts, we must first define what a system, in this case an economic system, is and then explain what we mean by a closed or open system. Given that entropy is intimately connected to the level of disorder within a system and, thus, with its information, this multiple vector connects the systems internally and externally.
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A