1. The entropy law and the economic problem (1970) / Nicholas Georgescu-Roegen -- 2. Energy and economic myths (1972 …

utilize a natural scientific variable, entropy, to characterize the economic system and the environment, (ii) that …

end fundamental concepts of thermodynamics are explained in a simple manner. The relationships between entropy, energy …

posterior probabilities is simplified due to the concentration of the prior on the maximum entropy hypothesis. The relationship … between maximum entropy reasoning and Bayes' theorem from this point of view is that maximum entropy reasoning is a special … case of Bayesian inference with a constrained entropy-favoring prior. …