Economic growth increases if the educated population increases and knowledge increases? There is an argument that an equation for economic growth should be based on thermodynamics: more energy effectively applied to solving problems to increase average individual productivity should increase economic growth. By maximizing the efficiency of energy distributed to the solving of problems, economic growth might be maximized? If so, econophysics is merely a specialized application of thermodynamics? Or not?
Robert Shour, Aleš Kralj
and Dr. Arjun Yallappa Pangannavar M.K. Tripathi, interesting topic for discussion. I feel that despite we have several growth theories and models, we perhaps, do not have a robust growth theory (model) given the kind of complexities confronting "growth" in the modern context. We may have to go beyond the narrow confines of the conventional approaches, such as the export led growth, or maximizing energy efficiency paradigms, etc. It's a matter of debate that whether any of the 'growth models' are able to come to terms with the complexities involved in achieving what is known as "inclusive growth" or the latest development concerns as put forth by the SDG Agenda 2030.
Dear Viswannathan, Thank you.
I would like to refer you my research paper on India's economic growth rate since1951, a inclusive growth model that is already published at research gate. It is my own perception growth model, you may refer and share your views.
Dr. Arjun Yallappa Pangannavar thanks for suggesting the read. I would read it.
I think application of the three fundamental laws of thermodynamics has great potential in the growth theory. Within the enfogeneous growth theory, the role of human capital in explaining perpetuity of growth, and the so-called AK model should provide the theoretical basis for applying such thermodynamic principles as Boltzamann’s and Gibb’s principles. I am indeed excited at this idea, and will love to fo your progress on this. Cheers @ Robert Shour
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