A contribution to the discussion on the future of thermoeconomics

Abstract

‘Thermoeconomics’ was introduced and its foundations were laid down by Tribus, Evans and El-Sayed in the late 1950's – early 1960's as a method that combines Thermodynamics (in particular Second-Law quantities) and Economics for the analysis, evaluation and optimization of thermal systems. Since that time, many researchers throughout the world taking various roads helped in developing Thermoeconomics from theoretical point of view and applying it in a variety of systems, thus establishing it as a particular field.Today, questions such as the following may be posed:⁃Is there room for further theoretical development of Thermoeconomics?⁃Are there areas where Thermoeconomics has not been applied yet, however its application would be beneficial?⁃What additional features should Thermoeconomics have, in order to be applied to these areas?⁃Is it possible to introduce other considerations, in addition to thermodynamic and economic, in a more holistic approach? If yes, which are they?The progress to date is presented in brief by mentioning the main methodologies and application areas. Thermoeconomic methods at an early stage of development are mentioned and needs of further development are indicated. Further considerations and application areas of thermoeconomics are mentioned and needs of methodological development are highlighted. The text closes with remarks regarding the aforementioned four questions.