Wednesday, May 29, 2013

Entropy Explained

Entropy and the Second Law of Thermodynamics has always been a very confusing topic in ecological economics. Tom Murphy explains the difference between information entropy and thermodynamic entropy and what the second law really implies for living and economic systems. Apparently, von Neumann is to blame for all the confusion. He also supposedly told Nash that his Nash equilibrium result was "trivial", though it won Nash the Nobel Prize in economics (with a 45 year delay...).

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