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Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. [1] Thermoeconomics can be thought of as the statistical physics of economic value [ 2 ] and is a subfield of econophysics .
Prometheus Fuels is an American energy startup developing tools to filter atmospheric CO 2 using water, electricity, and nanotube membranes to produce commercially viable fuels. When powered by renewable electricity sources, e-fuels produced by such direct air capture methods do not contribute further emissions, making them carbon neutral . [ 1 ]
Robert L. McGinnis is an American scientist, [1] technology entrepreneur, and inventor who has founded a number of technology companies including Prometheus Fuels, [2] Mattershift [3] and Oasys Water.
The word theory in "the theory of evolution" does not imply scientific doubt regarding its validity; the concepts of theory and hypothesis have specific meanings in a scientific context. While theory in colloquial usage may denote a hunch or conjecture, a scientific theory is a set of principles that explains an observable phenomenon in natural ...
Economic events are considered as processes of creation, motion and distribution of value that is firstly measured as exchange value.The factor interpretation of the exchange value, accepted by Econodynamics, is based on the Smith-Marx's labour theory of value, according to which efforts of workers are the most essential production factor.
Wieser's value theory attempts to establish a method for calculating economic value and states that the factors of production have a value due to the utility they have conferred on the final product, i.e. marginal utility, as opposed to the theory held by his teacher Carl Menger which states that the value factor is the value of the input when ...
In their macroeconomic models, the economic system is a subsystem of the environment. In this model, the circular flow of income diagram is replaced in ecological economics by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of production ...
Hotelling's rule defines the net price path as a function of time while maximizing economic rent in the time of fully extracting a non-renewable natural resource.The maximum rent is also known as Hotelling rent or scarcity rent and is the maximum rent that could be obtained while emptying the stock resource.