We consider the microfoundations controversy from the perspective ofeconomic evolution and show that the debatecan benefit from lessons learned in evolutionary biology. Althoughthe analogy between biology and economics hasbeen noted before, it has rarely focused on clarifying the micro-macro...

Economic and biological systems, as open dissipative systems, need to extract low entropy from the environment to compensate for continuous dissipation. This process can be represented by lognormal processes, which in turn can be mapped into a thermodynamic equation. From here, we develop an...

Social and biological systems, as open dissipative systems, need to extract low entropy from the environment to compensate for continuous dissipation. This process can be represented by lognormal processes, with a deterministic representation of a thermodynamic equation. From here, we develop an...

Nicholas Georgescu-Roegen was described by Paul Samuelson as 'an economist's economist'. This book honors him by discussing his theories on a wide range of issues but particularly on environmental and energy economics. It is a dynamic tribute which extends his work to address the problems the...