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Physics - Complexity | The Second Law of Economics - Energy, Entropy, and the Origins of Wealth (Reviews)

The Second Law of Economics

Energy, Entropy, and the Origins of Wealth

Kümmel, Reiner

2011, XX, 296 p.

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From the reviews:

“The second law of economics by Reiner Kümmel is divided into five chapters. Lots of mathematical expressions, derivations, and interpretations are given which are useful for scientists in this area. This is an interesting book written by a physicist with an interdisciplinary approach suited to the scientific minded as well as non-specialist audience. The author nicely incorporates energy, entropy, and technological concepts into the models of economic development.” (P. N. Rathie, Mathematical Reviews, December, 2013)

“It is no easy task to write a book that is targeted at a broad audience and merges essential concepts of thermodynamics, statistical physics, and economics. However, theoretical physicist Reiner Kümmel succeeds in doing just that with The Second Law of Economics: Energy, Entropy, and the Origins of Wealth. The book discusses the impact of two fundamental laws of nature—energy conservation and entropy production—on the creation and growth of wealth....[The author] argues in a clear and simple way that energy conversion is an essential force in wealth creation and a force to be reckoned with in the crafting of economic policy….

“Overall, The Second Law of Economics is accessible and quite enjoyable, in part because of the subtle ironic tone Kümmel uses in some places. He points out that, for an interdisciplinary field like economic thermodynamics, even PhD scientists can make naive observations….Besides physicists and economists, researchers and policymakers concerned with resource conservation and how a society should be economically organized in the future can benefit from The Second Law of Economics. After all, understanding that law now can help us guarantee the prosperity of future generations.”

--Physics Today, December 2011

 

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