Thermoeconomics

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.

This article is about biophysical economics. For the study of the dynamics of natural resources using economic models, see Bioeconomics (fisheries).

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 waste and environmental impacts. Biophysical economics builds on both social sciences and natural sciences to overcome some of the most fundamental limitations and blind spots of conventional economics. It makes it possible to understand some key requirements and framework conditions for economic growth, as well as related constraints and boundaries.^[3]

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