Additional Contributions of Thermodynamics to Economics

The contributions of Thermodynamics to Economics have been masterfully pioneered by P. A. Samuelson in his Foundations of Economic Analysis, adapting the Le Châtelier Principle to relate changes in economic variables. Recent contributions have been given, including the economic counterparts of energy, temperature, reversibility, and irreversibility, the Carnot engine, entropy, entropy generation, and the four Laws of Thermodynamics. Starting from them, toward a more efficient (more perfect) economy, the present work aims at (i) showing the contribution of negotiation to a more perfect economy; (ii) proposing endoreversible economic processes, and evaluating their efficiency at maximum merchandise wealth delivery; (iii) proposing the dynamic economic processes’ analysis based on the Economics analogue of specific heat, closely related to the demand elasticity coefficient; (iv) exploring ways to maximize merchandise wealth delivery instead of maximizing merchandise economic entropy generation (financial value generation) in dynamic processes; and (v) defining and evaluating the Economics analogue of exergy, the maximum potential of economic systems to deliver merchandise wealth.