Abstract
In the previous chapters I introduced the core concepts of economics, ecology and thermodynamics and drew conclusions as to the relevance of these concepts for the analysis of economy-environment interactions. Based on these conclusions, I present in this chapter a model of a single industry extracting a nonrenewable resource from a mine, and releasing waste materials into the environment. Additionally, the extraction process results in the dissipation of low-entropy energy. The model concentrates on thermodynamic implications for economically optimal extraction of a nonrenewable resource and is translated into a nonlinear dynamic computer simulation. The purpose of the computer simulation is to illustrate the theoretical findings.KeywordsEnergy EfficiencyDiscount RateTechnical ChangeThermodynamic LimitShadow PriceThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
