Thermodynamic laws, economic methods and the productive power of energy

9210 7 70813 2 196153 document 70813 10_07_01_Lindenberger_Lawsmethods.pdf application/pdf fb4732007c81e474e2bbdde9eb3dc07d MD5 264735 2016-09-07 14:00:42 https://pure.iiasa.ac.at/id/eprint/9210/1/10_07_01_Lindenberger_Lawsmethods.pdf 9210 1 1 application/pdf text en public cc_by

10_07_01_Lindenberger_Lawsmethods.pdf

published 70814 2 196156 document 70814 lightbox.jpg image/png c3af1541ca40f217a6b6776fd410a427 MD5 27117 2016-09-07 14:01:07 https://pure.iiasa.ac.at/id/eprint/9210/2/lightbox.jpg 9210 2 2 image/png other Thumbnails conversion from text to thumbnail_lightbox en public

lightbox.jpg

preview.jpg

medium.jpg

small.jpg

indexcodes.txt

http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/70813 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/70813 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/70813 archive 351 disk0/00/00/92/10 2016-01-15 08:43:52 2021-08-27 17:38:50 2016-01-15 08:43:52 article show Kuemmel R. Ayres R.U. 1324 Lindenberger D. Thermodynamic laws, economic methods and the productive power of energy pub iis_ene iis_met prog_ins Energy plays only a minor role in orthodox theories of economic growth, because standard economic equlibrium conditions say that the output elasticity of a production factor, which measures the factor's productive power, is equal to the factor's share in total factor cost. Having commanded only a tiny cost share of about 5 percent so far, energy is often neglected altogether. On the other hand, energy conversion in the machines of the capital stock has been the basis of industrial growth. How can the physically obvious economic importance of energy be reconciled with the conditions for economic equilibrium, which result from the maximization of profit or overall welfare? We show that these equilibrium conditions no longer yield the equality of cost shares and output elasticities, if the optimization calculus takes technological constraints on the combinations of capital, labor, and energy into account. New econometric analyses of economic growth in Germany, Japan, and the USA yield output elasticities that are for energy much larger and for labor much smaller than their cost shares. Social consequences are discussed. 2010-07 published De Gruyter 10.1515/JNETDY.2010.009 XJ-10-099 Non-Equilibrium Thermodynamics; 35(2):145-179 (July 2010) (Published online 09 July 2010) [doi:10.1515/JNETDY.2010.009] 1136 public Journal of Non-Equilibrium Thermodynamics 35 2 145-179 TRUE 0340-0204 FALSE info:eu-repo/semantics/article