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Classical thermodynamics deals with states of dynamic equilibrium.The state of a system at thermodynamic equilibrium is the one for which some thermodynamic potential is minimized (in the absence of an applied voltage), [2] or for which the entropy (S) is maximized, for specified conditions.
A steady state economy is an economy (especially a national economy but possibly that of a city, a region, or the world) of stable size featuring a stable population and stable consumption that remain at or below carrying capacity.
Thermoeconomics is based on the proposition that the role of energy in biological evolution should be defined and understood not through the second law of thermodynamics but in terms of such economic criteria as productivity, efficiency, and especially the costs and benefits (or profitability) of the various mechanisms for capturing and utilizing available energy to build biomass and do work.
In his article on Economic de-growth vs. steady-state economy, Christian Kerschner has integrated the strategy of declining-state, or degrowth, with Herman Daly's concept of the steady-state economy to the effect that degrowth should be considered a path taken by the rich industrialized countries leading towards a globally equitable steady ...
An economic equilibrium is a situation when the economic agent cannot change the situation by adopting any strategy. The concept has been borrowed from the physical sciences. Take a system where physical forces are balanced for instance.This economically interpreted means no further change ensues.
Thermodynamics is a branch of physics that deals with heat, work, and temperature, and their relation to energy, ... materials science, and economics, ...
Le Chatelier–Braun principle analyzes the qualitative behaviour of a thermodynamic system when a particular one of its externally controlled state variables, say , changes by an amount , the 'driving change', causing a change , the 'response of prime interest', in its conjugate state variable , all other externally controlled state variables remaining constant.
Non-equilibrium thermodynamics is a branch of physics that studies the dynamics of statistical ensembles of molecules via unstable states. Being "stuck" in a thermodynamic trough without being at the lowest energy state is known as having kinetic stability or being kinetically persistent.