Nicholas Georgescu-Roegen
Encyclopedia
Nicholas Georgescu-Roegen, born Nicolae Georgescu (Constanţa
, Romania
, 4 February 1906 – Nashville
, Tennessee
, 30 October 1994) was a Romanian mathematician
, statistician
and economist
, best known for his 1971 magnum opus
The Entropy Law and the Economic Process, which situated the view that the second law of thermodynamics
, i.e., that usable "free energy" tends to disperse or become lost in the form of "bound energy", governs economic processes.
Georgescu-Roegen's influence extends well beyond his well-known work on the thermodynamic foundations of economic systems and his career involved "his ambitious attempt to reformulate economic process as 'bioeconomics
,' a new style of dialectical economic thought". He is therefore considered "one of the key intellectual progenitors of ecological economics
" and of what would become the "minimal bioeconomic program."
, graduating in 1926. After winning a scholarship, he went on to study at the University of Paris
, where his interests turned towards statistics
and economics
. He received a Ph.D.
degree in 1930 for a thesis on latent cyclical components in time series
. Another scholarship allowed him to pursue his studies for two years at the University College
in London
with Karl Pearson
.
In 1932, Georgescu-Roegen returned to Romania and became Professor of Statistics at the University of Bucharest. He held this position until 1946. He was a professor of economics at Vanderbilt University from 1950 to 1976. He won the university's Harvie Branscomb Distinguished Professor Award in 1961, and in 1971 the American Economic Association named him a Distinguished Fellow.
A principal contribution to economics
by Georgescu-Roegen was the concept of entropy
from thermodynamics
(as distinguished from the mechanistic foundation of neoclassical economics
drawn from Newtonian physics), as well as foundational work which later developed into evolutionary economics
. His work contributed significantly to bioeconomics
and to ecological economics
..
He was a protégé of the renowned economist Joseph Schumpeter
. His own protégés included foundational ecological economist Herman E. Daly and Kozo Mayumi who further extended Georgescu-Roegen’s theories on entropy in the study of energy analysis.
Constanta
Constanța is the oldest extant city in Romania, founded around 600 BC. The city is located in the Dobruja region of Romania, on the Black Sea coast. It is the capital of Constanța County and the largest city in the region....
, Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
, 4 February 1906 – Nashville
Nashville, Tennessee
Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
, 30 October 1994) was a Romanian mathematician
Mathematician
A mathematician is a person whose primary area of study is the field of mathematics. Mathematicians are concerned with quantity, structure, space, and change....
, statistician
Statistician
A statistician is someone who works with theoretical or applied statistics. The profession exists in both the private and public sectors. The core of that work is to measure, interpret, and describe the world and human activity patterns within it...
and economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, best known for his 1971 magnum opus
Magnum opus
Magnum opus , from the Latin meaning "great work", refers to the largest, and perhaps the best, greatest, most popular, or most renowned achievement of a writer, artist, or composer.-Related terms:Sometimes the term magnum opus is used to refer to simply "a great work" rather than "the...
The Entropy Law and the Economic Process, which situated the view that the second law of thermodynamics
Second law of thermodynamics
The second law of thermodynamics is an expression of the tendency that over time, differences in temperature, pressure, and chemical potential equilibrate in an isolated physical system. From the state of thermodynamic equilibrium, the law deduced the principle of the increase of entropy and...
, i.e., that usable "free energy" tends to disperse or become lost in the form of "bound energy", governs economic processes.
Georgescu-Roegen's influence extends well beyond his well-known work on the thermodynamic foundations of economic systems and his career involved "his ambitious attempt to reformulate economic process as 'bioeconomics
Thermoeconomics
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of thermodynamics to economic theory. The term "thermoeconomics" was coined in 1962 by American engineer Myron Tribus, and developed by the statistician and economist Nicholas...
,' a new style of dialectical economic thought". He is therefore considered "one of the key intellectual progenitors of ecological economics
Ecological economics
Image:Sustainable development.svg|right|The three pillars of sustainability. Clickable.|275px|thumbpoly 138 194 148 219 164 240 182 257 219 277 263 291 261 311 264 331 272 351 283 366 300 383 316 394 287 408 261 417 224 424 182 426 154 423 119 415 87 403 58 385 40 368 24 347 17 328 13 309 16 286 26...
" and of what would become the "minimal bioeconomic program."
Biography
He studied mathematics at the University of BucharestUniversity of Bucharest
The University of Bucharest , in Romania, is a university founded in 1864 by decree of Prince Alexander John Cuza to convert the former Saint Sava Academy into the current University of Bucharest.-Presentation:...
, graduating in 1926. After winning a scholarship, he went on to study at the University of Paris
University of Paris
The University of Paris was a university located in Paris, France and one of the earliest to be established in Europe. It was founded in the mid 12th century, and officially recognized as a university probably between 1160 and 1250...
, where his interests turned towards statistics
Statistics
Statistics is the study of the collection, organization, analysis, and interpretation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments....
and economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. He received a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
degree in 1930 for a thesis on latent cyclical components in time series
Time series
In statistics, signal processing, econometrics and mathematical finance, a time series is a sequence of data points, measured typically at successive times spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones index or the annual flow volume of the...
. Another scholarship allowed him to pursue his studies for two years at the University College
University College London
University College London is a public research university located in London, United Kingdom and the oldest and largest constituent college of the federal University of London...
in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
with Karl Pearson
Karl Pearson
Karl Pearson FRS was an influential English mathematician who has been credited for establishing the disciplineof mathematical statistics....
.
In 1932, Georgescu-Roegen returned to Romania and became Professor of Statistics at the University of Bucharest. He held this position until 1946. He was a professor of economics at Vanderbilt University from 1950 to 1976. He won the university's Harvie Branscomb Distinguished Professor Award in 1961, and in 1971 the American Economic Association named him a Distinguished Fellow.
A principal contribution to economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
by Georgescu-Roegen was the concept of entropy
Entropy
Entropy is a thermodynamic property that can be used to determine the energy available for useful work in a thermodynamic process, such as in energy conversion devices, engines, or machines. Such devices can only be driven by convertible energy, and have a theoretical maximum efficiency when...
from thermodynamics
Thermodynamics
Thermodynamics is a physical science that studies the effects on material bodies, and on radiation in regions of space, of transfer of heat and of work done on or by the bodies or radiation...
(as distinguished from the mechanistic foundation of neoclassical economics
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...
drawn from Newtonian physics), as well as foundational work which later developed into evolutionary economics
Evolutionary economics
Evolutionary economics is part of mainstream economics as well as heterodox school of economic thought that is inspired by evolutionary biology...
. His work contributed significantly to bioeconomics
Bioeconomics
Bioeconomics is closely related to the early development of theories in fisheries economics, initially in the mid 1950s by Canadian economists Scott Gordon and Anthony Scott...
and to ecological economics
Ecological economics
Image:Sustainable development.svg|right|The three pillars of sustainability. Clickable.|275px|thumbpoly 138 194 148 219 164 240 182 257 219 277 263 291 261 311 264 331 272 351 283 366 300 383 316 394 287 408 261 417 224 424 182 426 154 423 119 415 87 403 58 385 40 368 24 347 17 328 13 309 16 286 26...
..
He was a protégé of the renowned economist Joseph Schumpeter
Joseph Schumpeter
Joseph Alois Schumpeter was an Austrian-Hungarian-American economist and political scientist. He popularized the term "creative destruction" in economics.-Life:...
. His own protégés included foundational ecological economist Herman E. Daly and Kozo Mayumi who further extended Georgescu-Roegen’s theories on entropy in the study of energy analysis.
Selected writings
- Analytical Issues and Problems (1966). Harvard University Press.
- “Utility”, International Encyclopedia of the Social Sciences (1968). Macmillan: New York.
- Energy and Economic Myths : Institutional and Analytical Economic Essays (1976). Pergamon Press: New York.
- The Entropy Law and the Economic Process (1971). Harvard University Press: Cambridge, Massachusetts.
- “Afterword”, in J. Rifkin and T. Howard, Entropy: A New World ViewEntropy: A New World ViewEntropy: A New World View is a non-fiction book by Jeremy Rifkin and Ted Howard, with an Afterword by Nicholas Georgescu-Roegen. First published by The Viking Press, New York in 1980 ....
(1971). The Viking Press: New York.