Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of thermodynamics to economic theory.[1] The term “thermoeconomics” was coined in 1962 by American engineer Myron Tribus,[2][3][4]Thermoeconomics can be thought of as the statistical physics of economic value. Thermoeconomics is based on the proposition that the role of […]

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