Economics and Theoretical Physics

Punabantu, Siize (2011): Economics and Theoretical Physics.

Abstract

The recent earthquake in Japan and its impact on the Fukushima nuclear power plant is a tragic reminder of humanity’s ever growing dependence on energy for its socioeconomic development. Energy plays a central role in determining the effectiveness of economics. However, are the fundamental difficulties associated with understanding the true nature of energy impeding development? This paper is a reflection on theoretical physics from an economic vantage point. As difficult as it may seem to band them together as this article will attempt to do, physics and economics are conjoined. Space, Time , Matter and Energy all play a significant role in the capacity of economics to better provide for humanity. For example, energy; its, provision, evolution and consumption play a significant role in the capacity of economics to develop strategies with which to satisfactorily manage human development. The impact the price of oil has on the global economy is testimony to the impact the cost of energy has on economies and governments in general. If global incomes could rise or the cost of energy could fall this could significantly increase its affordability. Therefore, advances in physics and the natural sciences in general can have a positive impact on economics.

• Item Type: MPRA Paper
• Language: English
• Keywords: Scarcity; money; money supply; energy; zero cost energy; open market operations; resource creation; economic thought; poverty; wealth; cost; market efficiency; supply; demand; money; price; time; space; matter; mark-up; cost plus pricing; rationality; operating level economics; economic growth; paradox
• Subjects: Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q32 - Exhaustible Resources and Economic Development; A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics > A20 - General; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q4 - Energy > Q42 - Alternative Energy Sources; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q4 - Energy > Q47 - Energy Forecasting; A - General Economics and Teaching > A1 - General Economics > A11 - Role of Economics ; Role of Economists ; Market for Economists; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q38 - Government Policy; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q4 - Energy > Q40 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology

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