Global Thermoeconomics

• Authors: Cardullo Mario W. , Liu Manhong Mannie
• Languages of publication: EN

Abstracts

EN

This paper illustrates that basic global economic concepts can be directly related to the First and Second Laws of Thermodynamics. We believe that all economic returns are from nothing except from current and past human expenditure of human energy; this is the result of the First Law of Thermodynamics. It is shown that everything is a product of energy in the form of labor and that the basic principle of Labor Theory of Value is still valid and this principle is validated not relying on economics and fi nance models, rather on thermodynamic principles. This is illustrated by the development of the Labor Value Equation based on the application of the First and Second Law of Thermodynamics and how it can impact employment, asset valuation, supply/demand, productivity, global confl ict, global reserve currency and global stability

Keywords

EN

Thermodynamics; Labor Theory of Value; Labor Value Equation; Global Reserve; Currency; Financial Stability; Employment; Asset Valuation; Productivity

• Publisher: Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
• Journal: Journal of Banking and Financial Economics
• Year: 2017
• Issue: 1(7)
• Pages: 70-89

Dates

online

2017-05-19

Contributors

author

Cardullo Mario W.

• The Belfield Group, Inc., Alexandria, Virginia, USA

author

Liu Manhong Mannie

• Renmin University, Beijing, The People’s Republic of China

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Identifiers

DOI

10.7172/2353-6845.jbfe.2017.1.4

ISSN

2353-6845