Thermoeconomics is the name given to a type of heterodox economic theory that attempt to explicitly apply the principles of thermodynamics to economics. The term "thermoeconomics" was coined in 1962 by American engineer Myron Tribus, and developed by the statistician and economist Nicholas Georgescu-Roegen. Thermoeconomics can be thought of as the statistical physics of economic value. Thermoeconomics is based on the proposition that the role of energy in biological evolution should be defined a… (More on Thermoeconomics)