The Physical foundations of economics An analytical thermodynamic theory 1st Edition by Jing Chen 9812563237 9789812563231

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Product details:

ISBN 10: 9812563237

ISBN 13: 9789812563231

Author: Chen Jing

All human activities, including mental activities, are governed by physical laws and are essentially thermodynamic processes. However, current economic theories are not established on these foundations. This pioneering book seeks to develop an analytical theory of economics on the foundation of thermodynamic laws. A unified understanding of economic and social phenomena is presented, an understanding that is much simpler than what mainstream economic theory has to offer. Its aim is to revolutionize thinking in economics and transform social sciences into an integral part of the physical and biological sciences.

The Physical foundations of economics An analytical thermodynamic theory 1st Table of contents:

1. The Entropy Theory of Human Mind

1.1 Introduction

1.2 What is Information?

1.3 The Entropy Theory of Human Psychology

1. Conservatism

2. Herding behavior

3. Overconfidence and irrationality

4. Loss aversion in winning and risk seeking in losses

5. Framing, representativeness and biases

1.4 Concluding Remarks

2. The Entropy Theory of Value

2.1 Introduction

2.2 The Properties of the Entropy Theory of Value

1. Scarcity and value

2. Value and the number of producers

3. Substitutability and value

4. Market size, product life cycle and product value

2.3 Physical Entropy, Information and Economic Value

2.4 The Entropy Theory of Value and Information

2.5 Economic Wealth and Social Welfare

2.6 Concluding Remarks

3. Production and Competition: An Analytical Thermodynamic Theory

3.1 Some Historical Background

3.2 Basic Theory

3.3 A Comparison with Neoclassical Economic Theory

3.4 What is Next?

4. Natural Resources, Technology and Institutions: A Historical Perspective

4.1 Dynamics of Change in Human Civilization

4.2 General Patterns in Biological Evolution

4.3 Industrialization: Origin and its Sustainability

4.3.1. The origin of the Industrial Revolution

4.3.2. The future of our fossil fuel based civilization

4.4 Concluding Remarks

5. Migration, Trade, Education and Fertility: A Spatial Perspective

5.1 Migration and Trade

5.2 Education and Fertility

5.2.1. Theory of education and fertility

5.2.2. A comparison with the mainstream theory

5.3 Long Term Consequences of Migration Restriction

5.4 Concluding Remarks

6. From Modern Astronomy to Modern Finance: A New Theory of Finance

6.1 What Finance and Astronomy Have in Common?

6.2 From Modern Astronomy to Modern Finance: A Brief Review

6.3 A New Theory of Corporate Finance

6.4 A New Theory of Investment

6.5 Criteria for a Good Theory

6.6 Concluding Remarks

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