34 Copyright: John Bryant, VOCAT <strong>International</strong> <strong>Ltd</strong> 2012, for personal use only. Figure 5.19 sets out the loci of the entropic indices at equation (5.24) for varying values of elastic index n and value capacity coefficient ω. Entropic Index Entropic Index 2 1 0 Value Capacity 0.0 0.5 1.0 1.5 Coefficient ω -1 -2 2 1 -1 -2 ⎛ 1 Entropic Index wrt Velocity of Circulation ⎞ ⎜ω + ⎟ ⎝ 1− n ⎠ n increasing Elastic Index n 1.75 2.00 2.50 3.00 0 Value Capacity Coefficient 0.0 0.5 1.0 1.5 ω 1.75 2.00 2.50 3.00 Figure 5.19 Loci of Entropic Indices Entropic Index wrt Volume ( ω −ωn + 1) Elastic Index n n increasing
Copyright: John Bryant, VOCAT <strong>International</strong> <strong>Ltd</strong> 2012, for personal use only. REFERENCES Anderson, N. Sleath, J. (1999) 'New estimates of the UK real and nominal yield curves', Bank of England Quarterly Bulletin, November 1999. Annila, A. Salthe, S. (2009) ‘Economies evolve by energy dispersal’, Entropy, 11, pp.606-633. Ayres, R. U. van den Bergh, C. J. M. Gowdy, J. M. (1998) ‘Viewpoint: Weak versus strong sustainability’ 98-103/3, Tinbergen Institute Discussion Papers. Ayres, R. U. Warr, B. Accounting for growth: The role of physical work'. Centre for Management of Environmental Resources, INSEAD. Ayres, R.U. Martinas, K. ‘Wealth accumulation and economic progress' Evolutionary Economics (1996) 6: pp. 347-359. Ayres, R.U. Nair, I. (1984) 'Thermodynamics and economics'. Physics Today, November 1984. Ayres, R.U. Warr, B. 'Two paradigms of production and growth' INSEAD. Ayres, R.U. van den Bergh, J.C.J.M. Gowdy, J.M. (1998) Viewpoint: Weak versus strong sustainability. Tinbergen Institute Discussion Papers No 98-103/3. Bacon, C. (2004) ‘Practical portfolio performance measurement and Attribution’, Wileys. Baumgärtner, S. (2002) 'Thermodynamics and the economics of absolute scarcity' 2nd World Congress of Environmental and Resource Economists, June 24-27, 2002, Monterey, CA, USA. Baumgärtner, S. (2004) 'Temporal and thermodynamic irreversibility in production theory' Economic Theory, 26, pp. 725-728 Baumgärtner, S. Faber, M. Proops, J.L.R. (1996) 'The use of the entropy concept in ecological economics', Faber et al. (1996: Chap. 7). Brekke, K. A. (1997) ‘Economic growth and the environment: On the measurement of income and welfare.’ Edward Elgar, Cheltenham. Bryant, J. (1979) 'An equilibrium theory of economics', Energy Economics, Vol 1, No 2, pp. 102-111. Bryant, J. (1982) 'A thermodynamic approach to economics', Energy Economics, Vol.4, No. 1, pp. 36-50. Bryant, J. (1985) 'Economics, equilibrium and thermodynamics', Workshop Energy & Time in the Economic and Physical Sciences, Elsevier Science Publishers B.V. pp. 197-217. Bryant, J. (2007) 'A thermodynamic theory of economics', <strong>International</strong> Journal of Exergy, Vol.4, No. 3, pp. 302-337. Bryant, J. (2008) 'A thermodynamic approach to monetary economics', <strong>Vocat</strong> <strong>International</strong> <strong>Ltd</strong>, www.vocat.co.uk. 35
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