Economics has an unknown enemy in the Second Law of Thermodynamics, which says that entropy (disorder) cannot decrease in a physical process. If the net disorder is increasing, then how can there be net growth in wealth? Net growth in wealth is possible only with a net increase in order. Conversely, if net order in …
When James Clerk Maxwell proposed the second law of thermodynamics, he envisioned a thought experiment in which two chambers of gas were joined by a small door under the control of a ‘demon’ who would selectively open the door depending on which direction the gas molecules were moving. If we think of the two chambers …
