The historic link between output (GDP) growth and employment has weakened. Since there is no quantitively verifiable economic theory to explain past growth, this unique book explores the fundamental relationship between thermodynamics (physical work) and economics

This unorthodox book derives and tests a simple theory of economic time series using several well-known empirical economic puzzles, from stock market bubbles to the failure of conventional economic theory, to explain low levels of inflation and unemployment in the US. Professor Stanley develops...