Friday, December 29, 2023

Nicholas Georgescu-Roegen (1906-1994)

https://en.wikipedia.org/wiki/Nicholas_Georgescu-Roegen

He is best known today for his 1971 paper The Entropy Law and the Economic Process, in which he argued that all natural resources are irreversibly degraded when put to use in economic activity.

Magnum opus on The Entropy Law and the Economic Process

According to Georgescu-Roegen's own recollection, the ideas presented in his paradigmatic magnum opus were worked out in his mind over a period of twenty years or so before the final publication.[4]: xiv  The three most important sources of inspiration for his work were Émile Borel's monograph on thermodynamics he had read while studying in Paris (see above); Joseph Schumpeter's view that irreversible evolutionary changes are inherent in capitalism; and the Romanian historical record of the large oil refineries in Ploiești becoming target of strategic military attacks in both world wars, proving the importance of natural resources in social conflict.[15]: 146, 153 [41]: 161f [45]: 139f [39]: 185f, 196f [11]: 6