The Economics of Higher Education Modeled as a Thermodynamic Heat Engine

The Carnot Cycle is the most efficient, reversible heat engine described via thermodynamic processes. As demonstrated by Khrennikov, the Carnot Cycle is also adept at modeling microeconomic processes. The economics of higher education is the embodiment of a specialized microeconomy relevant to many aspects of the modern world. From soaring tuition costs to the relevant return on investment for higher education, modeling this microeconomy would be beneficial to developing a better understanding of the mechanics of higher education as well as new strategies and approaches to financing it better and getting the most from investments in higher education. The Carnot Cycle represents the ideal situation against which all other cycles and processes operating between the same thermal reservoirs are measured to develop a representative measure of an actual cycle's performance. An economic Carnot model fundamentally represents the best possible outcome within a set of prescribed circumstances against which other similar models can be compared. Furthering the isomorphology of thermodynamics and economics, i.e., thermoeconomics, this paper develops the case for developing an economic model based on a Carnot-framework, specifically related to the economics of higher education, as an ideal economic heat engine.