Classical economics was developed largely in analogy to

Chapter 6, Problem 6.5D

(choose chapter or problem)

Classical economics was developed largely in analogy to the notion of mechanical equilibrium. Some observers are now saying that a macroeconomic system is more like a thermodynamic system than a mechanical one. Further, they say the failure of traditional economic theories to account for recent economic behavior may be partially due to not recognizing the role of entropy in controlling economic change and equilibrium, similar to the role of entropy in thermodynamics. Write a report, including at least three references, on how the second law and entropy are used in economics

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