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Challenging traditional economic notions of equilibrium, this book presents a new framework rooted in the principles of entropy and life processes. Authors James K. Galbraith and Jing Chen argue that the ideal market conditions are unrealistic and emphasize the importance of recognizing an unequal, ever-changing world. Their theories address scarcity, monopoly power, and the dynamics of production, while exploring critical issues like trade, finance, and climate change. This innovative perspective aims to provide insights into the complexities of contemporary economic challenges.
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Entropy Economics, James K. Galbraith, Jing Chen
- Language
- Released
- 2025
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- (Hardcover)
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- Title
- Entropy Economics
- Subtitle
- The Living Basis of Value and Production
- Language
- English
- Authors
- James K. Galbraith, Jing Chen
- Publisher
- University of Chicago Press
- Released
- 2025
- Format
- Hardcover
- Pages
- 248
- ISBN13
- 9780226827193
- Category
- Business and Economics
- Description
- Challenging traditional economic notions of equilibrium, this book presents a new framework rooted in the principles of entropy and life processes. Authors James K. Galbraith and Jing Chen argue that the ideal market conditions are unrealistic and emphasize the importance of recognizing an unequal, ever-changing world. Their theories address scarcity, monopoly power, and the dynamics of production, while exploring critical issues like trade, finance, and climate change. This innovative perspective aims to provide insights into the complexities of contemporary economic challenges.