How the inclusion of thermodynamic principles recovers economic sciences

  • Authors

    • Mieczyslaw Dobija Cracow University of Economics
    • Jurij Renkas Cracow University of Economics
    2021-08-10
    https://doi.org/10.14419/ijaes.v9i2.31608
  • Thermodynamic, Economic Sciences, Economic Constant, Capital, Fair Remuneration.
  • Abstract

    So far, economics does not have a coherent theory. This condition is a consequence of the ambiguity of basic categories such as capital, labor, money, and consumption. In the traditional narrative, these categories do not have a strict scientific meaning. This situation is positively changed by the inclusion of the fundamental principles of thermodynamics, especially the famous second principle. This is the main hypothesis argued in the body of the article. The consistent use of thermodynamics made it possible to reinterpret the system of fundamental concepts, as well as to solve cognitive problems in the field of capital and labor theory and sources of profit. The results of the presented empirical research indicate the consistency of the modified economic theory.

     

     

     


  • References

    1. [1] Adamczyk, A. (2008). Lectures and Animations in General Physics. Thermodynamics. http://www.if.pw.edu.pl/~anadam/WykLadyFO/FoWWW_27.html (access date: 03.10.2020).

      [2] Atkins, P. (2005). Galileo’s Finger – The Ten Great Ideas of Science, Polish ed., Oxford University Press

      [3] Atkins, P. (2007). Four Laws that Drive the Universe, Oxford University Press, New York

      [4] Barbour, J. (2019). The End of Time: The Next Revolution in Physics, Copernicus Center.

      [5] Barrow, J.D. (2003). From Alpha to Omega, The Constant of Nature, Vintage Books, London.

      [6] Bejan, A. Tsatsaronis, G. (2021). Purpose in Thermodynamics, Energies, 14, 408. https://doi.org/10.3390/en14020408.

      [7] Bliss, Ch. (1975). Capital Theory and the Distribution of Income, Oxford: North-Holland.

      [8] Bliss, Ch., Cohen, A.J., Harcourt, G.C. (Eds.) (2005). Capital Theory, Vol. 1-3. Bodmin, Cornwall: Edward Elgar Publishing Limited.

      [9] Cieślak, I. (2006). Human capital as the basis for managing labor costs in an enterprise, doctoral dissertation, Koźminsky University, Warsaw.

      [10] Cieslak, I. (2008). Value of Human Capital and Wage Disparities [w:] Górowski I. (ed.), General Accounting Theory Evolution and Design for Efficiency, ss.289-303, Warszawa, WYDAWNICTWA AKADEMICKIE I PROFESJONALNE.

      [11] Cohen, A.J., Harcourt, G.C. (2005). Introduction. Capital Theory Controversy, [in:] Ch. Bliss, Cohen A.J., Harcourt G.C. (ed.), vol. I, Edward Elgar Publishing Limited, Northampton, Massachusetts.

      [12] Cost of living in USA. https://www.expatistan.com/cost-of-living (dostęp: 10.10.2020).

      [13] Dewdney, A.K. (2004). Granice rozumu, Wydawnictwo Amber.

      [14] Dobija, M. (1998). How to Place Human Resources into the Balance Sheet, Journal of Human Resource Costing & Accounting, Vol. 3, No 1, Spring https://doi.org/10.1108/eb029044.

      [15] Dobija, M. (2004). “Theories of Chemistry and Physics Applied to Developing an Economic Theory of Intellectual Capitalâ€, in: Knowledge Café for Intellectual Entrepreneurship Through or Against Institutions, Wydawnictwo WSPiZ im. Leona KoźmiÅ„skiego, Warszawa.

      [16] Dobija, M. (2005). “Capital and Discount Rates in the Context of Thermodynamic Entropyâ€, Argumenta Oeconomica Cracoviensia, No. 3

      [17] Dobija, M. (2007). Abstract Nature of Capital and Money, w: Cornwall L. M. New Developments in Banking and Finance, Nova Science Publishers, Inc., New York, s. 89-114

      [18] Dobija, M. (2011a). Abstract Nature of Money and the Modern Equation of Exchange, Modern Economy, Vol. 2, No. 2. 142-152. https://doi.org/10.4236/me.2011.22019.

      [19] Dobija, M. (2011b). Labor Productivity vs. Minimum Wage Level, Modern Economy, Vol.2, No 2, 780-787. https://doi.org/10.4236/me.2011.25086.

      [20] Dobija, M. (2015). Economics approaches the fork in the road. Labor self-financing and tax free compensations or toil of deficit and deflation, International Journal of Accounting and Economics Studies, June 2015, https://doi.org/10.14419/ijaes.v3i2.4290.

      [21] Dobija, M., Jędrzejczyk, M. (2013). Production Function in the Cost Accounting Approach and Managerial Applications, Zeszyty Teoretyczne Rachunkowości, 72, nr 128, s. 49-62. https://doi.org/10.5604/16414381.1063611.

      [22] Dobija, M., Kurek, B. (2013a). “Towards Scientific Economicsâ€, Modern Economy, Vol. 4 No. 4, 2013, pp. 293-304. https://doi.org/10.4236/me.2013.44033.

      [23] Dobija, M., Kurek, B. (2013b) Scientific Provenance of Accounting, International Journal of Accounting and Economics Studies, Vol. 1, nr 2 (2013), s. 16-24. https://doi.org/10.14419/ijaes.v1i2.1054.

      [24] Dobija, M., Renkas. J. (2020). Accounting among the Natural Sciences. Modern Economy, vol. 11, pp. 2081- 2100. https://doi.org/10.4236/me.2020.1112138.

      [25] Dobija, M., Renkas. J. (2021). The thermodynamic principles as the theoretical basis of fair remuneration, International Journal of Physical Research, vol. 9(1), pp. 1-6, 2021. https://doi.org/10.14419/ijpr.v9i1.31247.

      [26] Goetzmann, W.N., & Ibbotson, R.G. (2006). History and the Equity Risk Premium, [in:] Goetzmann W.N., Ibbotson R.G. (ed.), The Equity Risk Premium: Essays and Explorations, Yale School of Management, Oxford University Press.

      [27] Knight, F.H. [1921], Risk, Uncertainty, and Profit, Library of Economics and Liberty. Retrieved April 04, 2021 from: http://www.econlib.org/library/Knight/knRUP7.html,

      [28] Kozioł, W. (2011). Stała potencjalnego wzrostu w rachunku kapitału ludzkiego, Nierówności Społeczne w Wzrost Gospodarczy, Uniwersytet Rzeszowski, Zeszyt nr 19, s. 252-260.

      [29] Kozioł, W. (2014). Rozwój teorii pomiaru kapitału ludzkiego i godziwych wynagrodzeń, [w:] Dobija, M. (red.) Teoria rachunkowości. Podstawa nauk ekonomicznych (s. 156-193), Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, Kraków.

      [30] Kurek, B. (2004). Rachunkowość jako stymulator rozwoju kultury, Zeszyty Teoretyczne Rachunkowości, Tom 24 (80), s. 38-59.

      [31] Kurek, B. (2011). Hipoteza deterministycznej premii za ryzyko, Monografie: Prace doktorskie Nr 10, Uniwersytet Ekonomiczny w Krakowie, Kraków.

      [32] Kurek, B. (2012). An Estimation of the Capital Growth Rate in Business Activities. Modern Economy, Vol. 3, nr 4, 364-372. https://doi.org/10.4236/me.2012.34047.

      [33] Kurek, B., Górowski, I. (2020). Gender and Age as Determinants of Expected Rate of Return on Human Capital, „Central European Management Journal†Vol. 28, No. 4/2020, p. 30–50, ISSN https://doi.org/10.7206/cemj.2658-0845.33.

      [34] Lambert, F.L. (2000). Disorder – A cracked crutch for supporting entropy discussion, The Journal of chemical Education, No 79(10) https://doi.org/10.1021/ed079p187.

      [35] Oliwkiewicz, B. (2020). Oczekiwania płacowe a godziwe wynagrodzenia absolwentów studiów ekonomicznych [w:] Zarządzanie zrównoważonym rozwojem organizacji, (red.) D. Fatuła, Oficyna Wydawnicza AFM, Kraków, s. 67-94.

      [36] Piketty, T. ( 2015). Kapitał w XXI wieku, Wydawnictwo Krytyki Politycznej, Warszawa.

      [37] Pikulska-Robaszkiewicz, A. (1999). Lichwa w paÅ„stwie i prawie republikaÅ„skiego Rzymu, Wydawnictwo Uniwersytetu Åódzkiego, Åódź.

      [38] Pudlik, W. (2011). Termodynamika, Wydawnictwo Uniwersytet Gdański, Gdańsk.

      [39] Renkas, J. (2012). Empiryczny test modelu kapitału ludzkiego i minimalnych wynagrodzeń, Nierówności Społeczne a Wzrost Gospodarczy, Zeszyt 24, ss. 180-191.

      [40] Renkas, J. (2017a). Kapitał kreatywności – pomiar i wynagradzanie, Nierówności Społeczne a Wzrost Gospodarczy, Zeszyt nr 50, ss. 413-426. https://doi.org/10.15584/nsawg.2017.2.28.

      [41] Renkas, J. (2017b). The tandem of “capital-work†as the basis for labor economics, International Journal of Accounting and Economics Studies, Vol 5, No 1 (2017), p. 26-32. https://doi.org/10.14419/ijaes.v5i1.7195.

      [42] Schrödinger, E. (1998). Czym jest życie? Fizyczne aspekty żywej komórki. Umysł i materia. Szkice autobiograficzne, Warszawa: Prószyński i S-ka.

      [43] Tobby, J., Cosmides, L., Barrett, H.C. (2003). Psychological Bulletin, The Second Law of Thermodynamics Is the First Law of Psychology: Evolutionary Developmental Psychology and the Theory of Tandem, Coordinated Inheritances: Comment on Lickliter and Honeycutt, No 6, p. 858-865. https://doi.org/10.1037/0033-2909.129.6.858.

  • Downloads

  • How to Cite

    Dobija, M., & Renkas, J. (2021). How the inclusion of thermodynamic principles recovers economic sciences. International Journal of Accounting and Economics Studies, 9(2), 21-31. https://doi.org/10.14419/ijaes.v9i2.31608

    Received date: 2021-05-27

    Accepted date: 2021-06-29

    Published date: 2021-08-10