Thermoeconomics

Definition of Thermoeconomics

Thermoeconomics (also known as biophysical economics) is a study of heterodox economics that implements the fundamentals on thermodynamics on economic theory. Thermoeconomics is dedicated to improve and study the cost efficiencies of thermodynamical processes with the help of science of economics, but also can be defined in a way that the usage of thermodynamics on the study of economics.

Books on Thermoeconomics

Book 1:

Thermoeconomics: A Thermodynamic Approach to Economics By John Bryant (published by Vocat International Limited, 2012)

Book 2:

The Thermoeconomics of Energy Conversions, Volume 1 By Y. M. El-Sayed (published by Elsevier, 2003)

How Thermoeconomics works?

For example, electricity cost range of 0.217–0.507 USD/kWh).

The cost can be calculated manually, but in recent developments the systems became more complex than it was previously, so do the real thermal systems are. So it is preferable that to adopt matrix system that is inherent to the theory.

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