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Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. [ 1 ] : 5 There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. [ 2 ]
In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use.
Thermoeconomics can be thought of as the statistical physics of economic value [2] and is a subfield of econophysics. It is the study of the ways and means by which human societies procure and use energy and other biological and physical resources to produce, distribute, consume and exchange goods and services, while generating various types of ...
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
It is a synthesis of physical sciences such as chemistry, solid mechanics, solid state physics, and materials science. Materials physics is considered a subset of condensed matter physics and applies fundamental condensed matter concepts to complex multiphase media, including materials of technological interest. Current fields that materials ...
The European Economic and Social Committee (EESC), an advisory body of the EU, [49] announced in 2013 that it was studying "a total ban on planned obsolescence". It said replacing products that are designed to stop working within two or three years of their purchase was a waste of energy and resources and generated pollution. [ 50 ]
Physics – negentropy, stochastic processes, and the development of new physical techniques and instrumentation as well as their application. Quantum biology – The field of quantum biology applies quantum mechanics to biological objects and problems. Decohered isomers to yield time-dependent base substitutions. These studies imply ...
Lionel Robbins' Essay (1932, 1935, 2nd ed., 158 pp.) sought to define more precisely economics as a science and to derive substantive implications. Analysis is relative to "accepted solutions of particular problems" based on best modern practice as referenced, especially including the works of Philip Wicksteed, Ludwig von Mises, and other Continental European economists.