Thermodynamics 2.0 | 2022 Program: Sessions and Abstracts

Mon - Wed, July 18 - July 20 , 2022 , Boone, North Carolina

Session PA01: Panel 01: Energy and Economy

13:00-14:30. Tuesday July 19, 2022

Chair: Carey King

Title: Integrating Thermodynamic Principles into Economic Growth Modeling

Presenter:

  • Carey King

(University of Texas at Austin)

Bio-sketch

Dr. Carey W King performs interdisciplinary research related to how energy systems interact within the economy and environment as well as how our policy and social systems can make decisions and tradeoffs among these often competing factors. The past performance of our energy systems is no guarantee of future returns, yet we must understand the development of past energy systems. Carey’s research goals center on rigorous interpretations of the past to determine the most probable future energy pathways. Carey is Research Scientist at The University of Texas at Austin and Assistant Director at the Energy Institute. He also has appointments within the Jackson School of Geosciences and the McCombs School of Business. He has both a B.S. with high honors and Ph.D. in Mechanical Engineering from the University of Texas at Austin.

Author(s):

  • Carey King

(University of Texas at Austin)

  • Tim Garrett

(University of Utah, USA)

  • Gaël Giraud

(Georgetown University, USA)

images

Abstract:PA01.176

Abstract

It is easy to state that is important to incorporate the physical laws (e.g., thermodynamics) into economic growth models, but in practice there are many ways to construct such a model. One does not need to add many states to a model before it becomes difficult to relate to another model.  What assumptions should be made, or are most important, for relating economic and physical variables?  If we are to relate social outcomes (e.g., wages and inequality via wage distribution) to the physical nature of the economy, how do we simultaneously maintain the conservation of flows of mass, energy, and money.  What are some options for creating a theory of economic growth that is grounded in physical principles?

In this session we’ll hear from three researchers who have been working to answer one or more of these questions via their research. They will summarize their work in terms of what they believe are the main takeaways, the important governing principles they have considered, and what they see as important next steps in their own research efforts as well as the broader community of biophysical and ecological economic growth modelers.

This session includes three presentations plus time for discussion among the presenters and the audience.

Keywords: thermodynamics, energy, growth, stock and flow consistent