Since all economic processes require energy and involve the transformation of materials, these processes always affect environmental quality. Yet, most descriptions of the economy are inconsistent with the fundamental physical laws -- most notably the laws of thermodynamics -- that govern energy conversion and material use. As a consequence, an economics ignorant of these physical laws can generate faulty economic insights and misleading environmental policies. This presentation lays out the basic tenets of an economics that avoids such pitfalls and identifies research and policy agendas that are cognizant of, and work within, the physical constraints on the economy.

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Event:
Entropy Law and Economics

Speaker:
Dr Matthias Ruth, Professor, School of Public Policy & Urban Affairs and Department of Civil and Environmental Engineering, Northeastern University

Date: Tuesday, 11 March 2014