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Entropy Economics
The Living Basis of Value and Production
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Brief Description
Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James...
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Description
Economists dream of equilibrium. It's time to wake up.
In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds.
Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes—an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen's theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography.
Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder.
Book Details
INFORMATION
ISBN: 9780226827193
Publisher: The University of Chicago Press
Format: Hardback
Date Published: 16 January 2025
Country: United States
Imprint: University of Chicago Press
Illustration: 16 line drawings, 8 tables
Audience: Professional and scholarly
DIMENSIONS
Spine width: 25.0mm
Width: 140.0mm
Height: 216.0mm
Weight: 367g
Pages: 248
About the Author
James K. Galbraith is professor at the University of Texas at Austin. Jing Chen is assistant professor at the University of Northern British Columbia.
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