DOCSLIB.ORG

Economic Applications of Thermodynamic Accounting: a Contribution to the Analysis of “Sustainability” Michelle Arias, William Sacher Y Walter Briec

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Economic Applications of Thermodynamic Accounting: a Contribution to the Analysis of “Sustainability” Michelle Arias, William Sacher Y Walter Briec Economic applications of thermodynamic accounting: A contribution to the analysis of “sustainability” Michelle Arias, William Sacher y Walter Briec Introduction State of the art * The study of valuation of “natural capital” and The studies carried out to date involve developing datasets sustainability has become an important issue due of useful exergy consumption within both orthodox and to loss of significant biodiverse areas and increase heterodox models of economic growth such a (Ayres & Warr, of pollution problems (Redclift, 2002). 2005; Ayres, Brockway, & Aramendia, 2019; Sakai, Brockway, Barrett, & Taylor, 2019). Sustainability is a complex issue, there is no a simple approach able to deal with its total Net energy yield from different energy sources and assessing complexity. Due to this there are different views the importance of this for economic activity such as the work of sustainability. Theoretical and methodological developed by (Brockway, Owen, Brand-Correa, & Hardt, tools are required to make this complex concept 2019). operational and measurable (Romero & Linares, 2014). Exergy analysis and sustainability there are an important number of research from an environmental engineering perspective such as the work of (Dincer & Rosen., 2012) and This research is focused on this field, the role of (Romero & Linares, 2014) and few from an ecological energy in economy performance and the search economic perspective such as the work of (W.King, 2020) for an alternative definition more operational of sustainability based on thermodynamic valuation. Theoretical approach Methodology: Exergy based indicators Exergy Exergy is defined as the maximum amount of useful work The cumulative exergy that can be obtained when some form of energy is consumption analysis converted reversibly to a defined reference system (van Gool & Hoogendoorn, 1990). This concept has been used mainly within engineering analyses. Exergy cost analysis Thermoeconomics is a branch of heterodox Thermo- Extended Exergy economics that applies the thermodynamics laws to Accounting economics economic theory (Valero, 1998), where process efficiencies are calculated via an exergy analysis and no energetic expenditures are expressed as functions of Results and Conclusions thermodynamic parameters (Romero & Linares, 2014). Thermodynamic valuation of non-renewable natural resources would help identify a more "real" value that includes the cost of Exergy economics studies all the interaction between resource depletion. energy use, economy and society by focusing upon the Thermoeconomics has been use for cost benefit analysis to useful stage of the energy provision chain (Exergy optimized industrial system, this type of study has been applied Economics, 2020). Contrary to orthodox economics, this primarily in the field of industrial ecology, there are few approach argues that improvements in exergy efficiency application from economic theory perspective. Exergy are a key driver of productivity improvements (Brockway, economics Sorrell, Foxon, & Miller, 2018). Exergy based indicator have been used for economic analysis from a macro and a microeconomic perspective. In a References: macroeconomic this approach has been applied to analyze the cost share of energy as a third production factor related with Ayres, R. U., Brockway, P. E., & Aramendia, E. (2019). The Key Role of Energy in Economic Growth. Oxford: economic growth. In microeconomics this has been use as a Oxford University Press. resource-based costing method. Ayres, R., & Warr, B. (2005). Accounting for growth: the role of physical work. Structural Change and Economic Dynamics, 181-209. This approach might be applied to analyze sustainability. Brockway, P. E., Owen, A., Brand-Correa, L. I., & Hardt, L. (2019). Estimation of global final-stage energy- Although it has some limitations it would provide return-on-investment for fossil fuels with comparison to renewable energy sources. Nature Energy , 612– 621. complementary information to study the complexity of the Dincer, I., & Rosen., M. A. (2012). Exergy: energy, environment and sustainable development. Newnes. concept of sustainability specially from a strong sustainability Romero, J. C., & Linares, P. (2014). Exergy as a global energy sustainability indicator. A. Renewable & Sustainable Energy Reviews. perspective. Sakai, M., Brockway, P. E., Barrett, J. R., & Taylor, P. G. (2019). Thermodynamic efficiency gains and their role as a key ‘engine of economic growth’. Energies. Acknowledgements: Sciubba, E. (2004). From Engineering Economics to Extended Exergy Accounting: A Possible Path from Monetary to Resource-Based Costing. Journal of Industrial Ecology. -Fonds de Solidarité pour Projets de Innovants (FSPI), Université W.King, C. (2020). An integrated biophysical and economic modeling framework for long-term de Perpignan Via Domitia (UPVD) & Facultad Lationoamericana sustainability analysis: the HARMONEY model. Ecological Economics. de Ciencias Sociales (FLACSO).
Load more

Recommended publications
  • Structural Theory of Thermoeconomics - Luis Serra and César Torres Cuadra
    EXERGY, ENERGY SYSTEM ANALYSIS AND OPTIMIZATION – Vol. II - Structural Theory of Thermoeconomics - Luis Serra and César Torres Cuadra STRUCTURAL THEORY OF THERMOECONOMICS Luis Serra and César Torres Cuadra University of Zaragoza, Spain Keywords: thermoeconomics, analysis of energy systems, exergy, average cost, marginal cost, productive structure, structural theory Contents 1. Introduction 2. Marginal Costs 2.1. Characteristic Equations 2.2. General Equation of Marginal Cost 2.3. Generalized Fuel Impact 2.4. Lagrange Multipliers and Marginal Costs 3. Structural Theory of Thermoeconomics 3.1. Linear Model of Characteristic Equations 3.2. Average and Marginal Costs 4. Structural Theory as Standard for Thermoeconomics 4.1. Structural Theory and Exergy Cost Theory 4.1.1. Structural Theory and the Fuel–Product Model 4.2. Structural Theory and Thermoeconomic Functional Analysis 5. Applications 5.1. Local Optimization 6. Closure Glossary Bibliography Biographical Sketches Summary Characteristic equations and average and marginal costs are analyzed in this article. As a consequence the structural theory is a general mathematical formalism either for thermoeconomicUNESCO cost accounting and/or optimization– EOLSS methods, providing a common basis of comparison among the different thermoeconomic methodologies, which could be considered the standard formalism for thermoeconomics. The cost calculationSAMPLE method of the struct CHAPTERSural theory is based on the rules of mathematical derivation applied to a set of characteristic equations that determine the thermoeconomic model. In this way, as more physical and realistic information is contained in the characteristic equations, more physical significance will be contained in the costs obtained. 1. Introduction During the three decades from 1972 to 2002 various thermoeconomic methodologies have been developed.
    [Show full text]
  • Download Special Issue
    Advances in Astronomy The Solar Cycle Guest Editors: J. Javaraiah, J. P. Rozelot, and Luca Bertello The Solar Cycle Advances in Astronomy The Solar Cycle Guest Editors: J. Javaraiah, J. P. Rozelot, and Luca Bertello Copyright © 2012 Hindawi Publishing Corporation. All rights reserved. This is a special issue published in “Advances in Astronomy.” All articles are open access articles distributed under the Creative Com- mons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Editorial Board Cesare Barbieri, Italy Martin Hardcastle, UK Valery Nakariakov, UK Joshua S. Bloom, USA Dean Hines, USA Jerome Orosz, USA Michael Brotherton, USA Dieter Horns, Germany George Pavlov, USA Giovanni Carraro, Italy Ivan Hubeny, USA Juri Poutanen, Finland Alberto J. Castro-Tirado, Spain John Hughes, USA Somak Raychaudhury, UK Michael Disney, UK Wing Huen Ip, Taiwan William Reach, USA Elmetwally Elabbasy, Egypt Valentina Klochkova, Russia Peter Roming, USA Nye Evans, UK Gregory Laughlin, USA Ata Sarajedini, USA Maurizio Falanga, Switzerland Myung G. Lee, Republic of Korea Regina Schulte-Ladbeck, USA Duncan Forbes, Australia Karen Leighly, USA Ravi Sheth, USA Andrew Fruchter, USA Jeffrey Linsky, USA Roberto Turolla, Italy B. T. Gansicke,¨ UK Mario Mateo, USA Gary Wegner, USA Paul Goldsmith, USA Ronald Mennickent, Chile Glenn J. White, UK Jonathan Grindlay, USA Zdzislaw E. Musielak, USA Paul J. Wiita, USA Contents The Solar Cycle,J.Javaraiah,J.P.Rozelot,andLucaBertello Volume 2012, Article ID 470631, 2 pages The Faint Young Sun Paradox: A Simplified Thermodynamic Approach, F. Angulo-Brown, MarcoA.Rosales,andM.A.Barranco-Jimenez´ Volume 2012, Article ID 478957, 10 pages Tendency of Discreteness of the Solar Amplitude and Intercycle Relatedness, Akio Yoshida and Ryan Sayre Volume 2012, Article ID 519852, 7 pages Rapid Disappearance of Penumbra-Like Features near a Flaring Polarity Inversion Line: The Hinode Observations, B.
    [Show full text]
  • An Alternative Methodological Approach to Value Analysis of Regions, Municipal Corporations and Clusters
    ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSIS Volume LIX 35 Number 4, 2011 AN ALTERNATIVE METHODOLOGICAL APPROACH TO VALUE ANALYSIS OF REGIONS, MUNICIPAL CORPORATIONS AND CLUSTERS M. Sabolovič Received: March 8, 2011 Abstract SABOLOVIČ, M.: An alternative methodological approach to value analysis of regions, municipal corporations and clusters. Acta univ. agric. et silvic. Mendel. Brun., 2011, LIX, No. 4, pp. 295–300 The paper deals with theoretical conception of value analysis of regions, municipal corporations and clusters. The subject of this paper is heterodox approach to sensitivity analysis of fi nite set of variables based on non-additive measure. For dynamic analysis of trajectory of general value are suffi cient robust models based on maximum entropy principle. Findings concern explanation of proper fuzzy integral – Choquet integral. The fuzzy measure is represented by theory of capacities (Choquet, 1953) on powerset. In fi ne, the conception of the New integral for capacities (Lehler, 2005) is discussed. Value analysis and transmission constitutes remarkable aspect of performance evaluation of regions, municipal corporations and clusters. In the light of high ratio of so variables, social behavior, intangible assets and human capital within those types of subjects the fuzzy integral introduce useful tool for modeling. The New integral a erwards concerns considerable characteristic of people behavior – risk averse articulated concave function and non-additive operator. Results comprehended tools enabling observation of synergy, redundancy and inhibition of value variables as consequence of non-additive measure. In fi ne, results induced issues for future research. powerset, fuzzy integral, Choquet integral, New intergral for capacities, non-additive measure A general theoretical approach to value analysis of value is assigned to thermoeconomics in of particular crisp set of discrete value variables of general.
    [Show full text]
  • TEACHING MODULE for ENGLISH for SPECIFIC PURPOSES
    TEACHING MODULE for ENGLISH FOR SPECIFIC PURPOSES Compiled By Bertaria Sohnata Hutauruk Only for our classroom instructions (Very restricted use) FKIP UHN PEMATANGSIANTAR 2015 ACKNOWLEDGEMENT This binding is a result of compilation from the authentic material from the webs. It is a result of short browsing. The aim is to provide a suitable module for our ESP classroom sessions in the first semester of the 2011/2012 academic year in our study program. This module consists of some lessons for the concept of ESP, some lessons for ESP lesson plans used abroad and in Indonesia, ESP for some school levels, and ESP for Academic Purposes and for Occupational Purposes. The main teaching objective in our classroom is to provide the students with the competence on designing a good lesson plan to teach ESP for academic purposes and occupational purposes at any level according to its context. We fully intend that this binding is only to facilitate some compiled authentic materials from the webs for our ESP Classroom instructions. By this opportunity, we would like to extend our sincere thanks all the authors of the materials and the websites which publish them. May God the Almighty bless them all! Medan-Pematangsiantar, September 2015 The Authors, Bertaria Sohnata Hutauruk TABLE OF CONTENTS ACKNOWLEDGEMENT…………………………………………………………… TABLE OF CONTENTS…………………………………………………………….. Lesson 1 Introduction………………………………………………………………………….. Lesson 2 ESP AND ESL………………………………………………………………………. Leson 3 ESP Course at Technical Secondary Vocational School for Construction and Building Trade students………………………………………. Lesson 4 ESP Vocabulary Teaching at the Vocational Secondary School of Furniture Industry………………………….. Lesson 5 ESP International Sample lesson plan........................................................................... Lesson 6 ESP Lesson Plan in Indonesia………………………………………………………..
    [Show full text]
  • Historical and Critical Review on Biophysical Economics 1
    July 21, 2016 9:55 WSPC/S1793-0480 204-BRL 1630001 Biophysical Reviews and Letters Vol. 11, No. 2 (2016) 63–86 c World Scientific Publishing Company DOI: 10.1142/S1793048016300012 Historical and Critical Review on Biophysical Economics Yekbun Adig¨uzel Department of Biophysics, School of Medicine Istanbul Kemerburgaz University Kartaltepe Mah. Incirli Cad. No:11 Bakirkoy, Istanbul, Turkey [email protected] Received 18 March 2016 Revised 25 April 2016 Accepted 3 May 2016 Published 21 July 2016 Biophysical economics is initiated with the long history of the relation of economics with ecological basis and biophysical perspectives of the physiocrats. It inherently has social, economic, biological, environmental, natural, physical, and scientific grounds. Biological entities in economy like the resources, consumers, populations, and parts of production systems, etc. could all be dealt by biophysical economics. Considering this wide scope, current work is a “biophysical economics at a glance” rather than a comprehensive review of the full range of topics that may just be adequately covered in a book-length work. However, the sense of its wide range of applications is aimed to be provided to the reader in this work. Here, modern approaches and biophysical growth theory are pre- sented after the long history and an overview of the concepts in biophysical economics. Examples of the recent studies are provided at the end with discussions. This review is also related to the work by Cleveland, “Biophysical Economics: From Physiocracy to Ecological Economics and Industrial Ecology” [C. J. Cleveland, in Advances in Bioeconomics and Sustainability: Essay in Honor of Nicholas Gerogescu-Roegen,eds.
    [Show full text]
  • Thermoeconomics
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics THERMOECONOMICS A Thermodynamic Approach to Economics John Bryant Third Edition Electronic Version Chapter 9 © VOCAT International Ltd 2012 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of the publisher. Published by VOCAT International Ltd 10 Falconers Field Harpenden Herts AL5 3ES UK Third Edition ISBN 978-0-9562975-3-2 The electronic versions of the book chapters are made available free on the website www.vocat.co.uk for personal and educational use only by interested readers. While the author has made every effort to be diligent and accurate in his researches, he cannot be held responsible for the use that readers may make of his work, and they should satisfy themselves as to logic and veracity of the conclusions drawn. Citation for the book: John Bryant. ‘Thermoeconomics – A thermodynamic approach to economics’, VOCAT International Ltd, 2011. ISBN 978-0-9562975-3-2 Contents Preface 1 Introduction 1 1.1 Historical Research 2 1.2 Economics and the Ideal Gas 6 2 Stock and Flow Processes 17 2.1 General Stock Model 19 2.2 Monetary Stock Model 31 2.3 Labour Sector 34 2.4 Stocks of Economic Output 40 2.5 Resource Stocks 46 2.6 Environment Waste Stocks 48 3 Thermodynamic Principles 50 3.1 First Law of Thermodynamics 50 3.2 Second Law of
    [Show full text]
  • The Compendium
    The Compendium The Global Economy | Environment, Development and Globalisation CEMUS Education/Uppsala Centre for Sustainable Development • Fall Semester 2012 Documentary Online Video & lecture Podcast WikiArticle Article Book ★ Alternative/Heterodox Economics http://en.wikipedia.org/wiki/Heterodox_economics Buddhist Economics: http://en.wikipedia.org/wiki/Buddhist_economics Evolutionary Economics: http://en.wikipedia.org/wiki/Evolutionary_economics Thermoeconomics: http://en.wikipedia.org/wiki/Bioeconomics_(biophysical) Econophysics: http://en.wikipedia.org/wiki/Econophysics Institutional Economics: http://en.wikipedia.org/wiki/Institutional_economics Progressive Utilization Theory: http://en.wikipedia.org/wiki/Progressive_utilization_theory ★ E.F. Schumacher (1973). Small is Beautiful [Available at UU] ★ Steve Keen (2004). Debunking Economics – The Naked Emperor of the Social Sciences [Interview 2011, 24min at: http://www.youtube.com/watch?v=7F2FKxxN_IE&feature=plcp] [Available at CEMUS] Behavioral Economics http://en.wikipedia.org/wiki/Behavioral_economics Andrew Oswald LSE: Herd behaviour and keeping up with the joneses (2011, 75min) http://www2.lse.ac.uk/newsAndMedia/videoAndAudio/channels/publicLecturesAndEvents/player.aspx?id=1270 Paul Dolan LSE: behavioural economics and human happiness (2011, 71min) http://www2.lse.ac.uk/newsAndMedia/videoAndAudio/channels/publicLecturesAndEvents/player.aspx?id=878 Freakonomics (Docu 2010, 90min) Full movie at: http://www.movie2k.to/Freakonomics-watch-movie-399638.html Steven Levitt:
    [Show full text]
  • The Influence of Thermodynamic Ideas on Ecological Economics: an Interdisciplinary Critique
    Sustainability 2009, 1, 1195-1225; doi:10.3390/su1041195 OPEN ACCESS sustainability ISSN 2071-1050 www.mdpi.com/journal/sustainability Article The Influence of Thermodynamic Ideas on Ecological Economics: An Interdisciplinary Critique Geoffrey P. Hammond 1,2,* and Adrian B. Winnett 1,3 1 Institute for Sustainable Energy & the Environment (I•SEE), University of Bath, Bath, BA2 7AY, UK 2 Department of Mechanical Engineering, University of Bath, Bath, BA2 7AY, UK 3 Department of Economics, University of Bath, Bath, BA2 7AY, UK; E-Mail: [email protected] * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel.: +44-12-2538-6168; Fax: +44-12-2538-6928. Received: 10 October 2009 / Accepted: 24 November 2009 / Published: 1 December 2009 Abstract: The influence of thermodynamics on the emerging transdisciplinary field of ‗ecological economics‘ is critically reviewed from an interdisciplinary perspective. It is viewed through the lens provided by the ‗bioeconomist‘ Nicholas Georgescu-Roegen (1906–1994) and his advocacy of ‗the Entropy Law‘ as a determinant of economic scarcity. It is argued that exergy is a more easily understood thermodynamic property than is entropy to represent irreversibilities in complex systems, and that the behaviour of energy and matter are not equally mirrored by thermodynamic laws. Thermodynamic insights as typically employed in ecological economics are simply analogues or metaphors of reality. They should therefore be empirically tested against the real world. Keywords: thermodynamic analysis; energy; entropy; exergy; ecological economics; environmental economics; exergoeconomics; complexity; natural capital; sustainability Sustainability 2009, 1 1196 ―A theory is the more impressive, the greater the simplicity of its premises is, the more different kinds of things it relates, and the more extended is its area of applicability.
    [Show full text]
  • Essays on the History and Philosophy of Ecological Economic Thought
    Marco Paulo Vianna Franco Essays on the History and Philosophy of Ecological Economic Thought Belo Horizonte, MG UFMG/Cedeplar 2019 ii Marco Paulo Vianna Franco Essays on the History and Philosophy of Ecological Economic Thought Tese apresentada ao curso de Doutorado em Economia do Centro de Desenvolvimento e Planejamento Regional da Faculdade de Ciências Econômicas da Universidade Federal de Minas Gerais, como requisito parcial à obtenção do Título de Doutor em Economia. Orientador: Prof. Hugo E. A. da Gama Cerqueira Co-orientador: Prof. João Antônio de Paula Belo Horizonte, MG Centro de Desenvolvimento e Planejamento Regional Faculdade de Ciências Econômicas - UFMG 2019 iii Ficha catalográfica Franco, Marco Paulo Vianna. F825e Essays on the History and Philosophy of Ecological Economic 2019 Thought [manuscrito] / Marco Paulo Vianna Franco. – 2019. 162 f. Orientador: Hugo E. A. da Gama Cerqueira. Coorientador: João Antônio de Paula. Tese (doutorado) – Universidade Federal de Minas Gerais, Centro de Desenvolvimento e Planejamento Regional. Inclui bibliografia (f. 147-162). 1. Economia – História – Teses. 2. Economia – Teses. 3. Desenvolvimento sustentável – Teses. I. Cerqueira, Hugo E.A. da Gama. II. Paula , João Antônio de. III. Universidade Federal de Minas Gerais. Centro de Desenvolvimento e Planejamento Regional. IV. Título. CDD: 330.09 Elaborada pela Biblioteca da FACE/UFMG. –RSS54/2019 iv Folha de Aprovação v Folha de Aprovação vi To Helena, Rachel, and Evando. Future, present, and past that inspire visions of joy and freedom for all beings. vii ACKNOWLEDGEMENTS The present work is one of the outcomes of a deeper transformation at the personal and professional levels, which was only possible with the aid of several individuals.
    [Show full text]
  • Relative Free Energy Function and Structural Theory of Thermoeconomics
    Article Relative Free Energy Function and Structural Theory of Thermoeconomics Antonio Valero * and César Torres * CIRCE Institute, Universidad de Zaragoza, 50018 Zaragoza, Spain * Correspondence: [email protected] (A.V.); [email protected] (C.T.) Received: 2 February 2020; Accepted: 15 April 2020; Published: 18 April 2020 Abstract: This paper explores the advantages of using relative free energy instead of exergy to build a mathematical theory of thermodynamic costs to diagnose malfunctions in thermal systems. This theory is based on the definition of a linearized characteristic equation that represents the physical behavior of each component. The physical structure of the system described by its energy interrelationships is called “primal”, and its derivatives are the costs and consumptions. The obtained costing structure is the mathematical “dual” of its primal. The theory explains why the F and P cost assessment rules and any other suggestion may (or may not be) rational under a given disaggregation scheme. A result of the theory is a new thermodynamic function, called the relative free energy, and a new parameter called deterioration temperature due to a component’s deterioration cause, characterized by a h-s thermodynamic trajectory describing the effects on the exiting stream. The relative free energy function allows for an exact relationship between the amount of used resources and the increase in entropy generation caused by the deterioration path of the component. This function allows the obtaining of, for the first time, an appropriate characteristic equation for a turbine and a new definition of efficiency that does not depend on the environment temperature but on its deterioration temperature.
    [Show full text]
  • Basic Concepts of Thermoeconomics
    Presented at “Short Course on Geothermal Drilling, Resource Development and Power Plants”, organized by UNU-GTP and LaGeo, in Santa Tecla, El Salvador, January 16-22, 2011. GEOTHERMAL TRAINING PROGRAMME LaGeo S.A. de C.V. BASIC CONCEPTS OF THERMOECONOMICS Dr. Páll Valdimarsson University of Iceland Reykjavik ICELAND [email protected] ABSTRACT The following text is covering the basic principles of thermodynamics to be treated in lectures “Thermoeconomics - striving for optimum component size and efficiency” and “Financial aspects of the geothermal operations”. 1. THERMOECONOMICS Thermoeconomics analyze the power generation economics from the exergetic viewpoint. A thorough treatment of thermoeconomics is found in Bejan et al (1996) and El-Sayed (2003). Thermoeconomics deal with the value of the energy within a plant, where heat and work conversion finds place. The analysis is based on exergy flows, and breaks the plant up into individual components, where each component can be analyzed separately. Each component will have one or more exergy input (feed) streams, and one or more output (product) exergy streams. A feed stream is either input to the plant, or is a product of a previous component. An output stream is either a product from the plant or a feed to the next component in the chain. Exergy loss due to irreversibilities will occur in all components of the power plant. This is the so-called exergy destruction, and the stream is termed exergy destruction stream for the subject component. In some components there will be a rejected exergy stream, which is of no further use in the process. This is the exergy loss, and exergy loss stream for the subject component.
    [Show full text]
  • Heterodox Economics
    Heterodox economics Heterodox economics family tree. Heterodoxy is a term that may be used in contrast with orthodoxy in schools of economic thought or methodologies, that may be beyond neoclassical economics.[1][2] Heterodoxy is an umbrella term that can cover various schools of thought or theories. These might for example include institutional, evolutionary, Georgist, Austrian, feminist,[3] social, post-Keynesian (not to be confused with New Keynesian),[2] ecological, Marxian, socialist and anarchist economics, among others.[4] Economics may be called orthodox or conventional economics by its critics.[5] Alternatively, mainstream economics deals with the "rationality–individualism– equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus".[6] Many economists dismiss heterodox economics as "fringe" and "irrelevant",[7] with little or no influence on the vast majority of academic mainstream economists in the English-speaking world. A recent review documented several prominent groups of heterodox economists since at least the 1990s as working together with a resulting increase in coherence across different constituents.[2] Along these lines, the International Confederation of Associations for Pluralism in Economics (ICAPE) does not define "heterodox economics" and has avoided defining its scope. ICAPE defines its mission as "promoting pluralism in economics." In defining a common ground in the "critical commentary," one writer described fellow heterodox economists as trying
    [Show full text]