Nicholas Georgescu-Roegen

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Nicholas Georgescu-Roegen
Nicholas Georgescu-Roegen
Born 4 February 1906
Constanţa, Kingdom of Romania
Died 30 October 1994
Nashville, Tennessee, U.S.
Residence Romania, France, United Kingdom, United States
Citizenship Romanian
Fields Economics, Mathematics, Statistics
Institutions University of Bucharest(1932-46), Harvard University(1934-??), Vanderbilt University(1950-76), Graduate Institute of International Studies(1974), University of Strasbourg(1977-78)
Alma mater University of Bucharest, Paris Institute of Statistics, University College London
Academic advisors Karl Pearson, Joseph Schumpeter
Doctoral students Herman E. Daly
Other notable students Kozo Mayumi
Known for Utility theory, Consumer choice theory, Production theory, Evolutionary economics, Environmental economics, Ecological economics, Energetics, Thermoeconomics, Bioeconomics
Influenced Herman E. Daly, Kozo Mayumi, Mario Giampietro, Cutler J. Cleveland, John M. Gowdy,[1] Joan Martinez Alier, Jacques Grinevald

Nicholas Georgescu-Roegen, born Nicolae Georgescu (4 February 1906 – 30 October 1994) was a Romanian American 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.[2]

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".[3] He is therefore considered "one of the key intellectual progenitors of ecological economics" and of what would become the "minimal bioeconomic program."[4][5]

Biography[edit]

He studied mathematics at the University of Bucharest, 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.[6] 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,[7] and in 1971 the American Economic Association named him a Distinguished Fellow.[8]

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.[1][3][9][10][11]

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.[3]

Work[edit]

In 2007, the Economist Herman Daly postulated that the work of Georgescu-Roegen was under-appreciated because he was ahead of his time.[12] In 2012, The Energy and Resources Institute (TERI) in New Delhi, India annonced the first edition of the "Nicholas Georgescu-Roegen Annual Awards" in honor of economist and mathematician, from which Herman Daly is a jury member. Professor Kozo Mayumi, former student of Georgescu-Roegen, has been announced to be the first recipient of the award.[13]

On the other hand there is a view that Georgescu-Roegen's key contribution to economics, the way he integrated thermodynamics, is largely unscientific. Economist Veit Bütterlin claimed that Georgescu-Roegen's "fourth law of thermodynamics" is based on a mistaken interpretation of thermodynamics. For Georgescu-Roegen entropy and the second law of thermodynamics would be a metaphor for the development of raw materials to waste and finally for unavoidable destruction. Bütterlin states that environmental economics deals with earth's surface. Bütterlin as well as environmental scientist Ulrich Müller-Herold state that on earth surface a system strives after a state of minimal free enthalpy, whereas entropy - in contrast to Georgescu-Roegen's assumption - would not have a clear trend.[14][15] Also the environment as the entropic system could not be considered as the earth, but from a physical point of view as the universe.[16]

See also[edit]

Selected writings[edit]

  • 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 View (1971). The Viking Press: New York.

Notes[edit]

  1. ^ a b Mayumi, Kozo; Gowdy, John, eds. (1999). Bioeconomics and Sustainability: Essays in Honor of Nicholas Georgescu-Roegen. Cheltenham: Edward Elgar. ISBN 1-85898-667-2. 
  2. ^ Nicholas Georgescu-Roegen's biography at The History of Economic Thought website.
  3. ^ a b c Mayumi, Kozo (2001). The Origins of Ecological Economics: The Bioeconomics of Georgescu-Roegen. Routledge, Taylor & Francis Group. ISBN 0-415-23523-5. 
  4. ^ Sunderlin, W.D. 2003. Ideology, Social Theory, and the Environment. Lanham: Rowman and Littlefield.
  5. ^ Stefano Zamagni (1987 [2008]). "Georgescu-Roegen, Nicholas," The New Palgrave: A Dictionary of Economics, v. 2, pp. 515-16.
  6. ^ Andrea Maneschi and Stefano Zamagni, "Nicholas Georgescu-Roegen, 1906-1994", The Economic Journal, Vol. 107, No. 442 (May, 1997), 695–707. JSTOR
  7. ^ Vanderbilt University. "Harvie Branscomb Distinguished Professor Award". Retrieved 25 August 2011. 
  8. ^ American Economic Association. "Distinguished Fellows". Retrieved 25 August 2011. 
  9. ^ Cleveland, C. and Ruth, M. 1997. When, where, and by how much do biophysical limits constrain the economic process? A survey of Georgescu-Roegen's contribution to ecological economics. Ecological Economics 22: 203-223.
  10. ^ Daly, H. 1995. On Nicholas Georgescu-Roegen’s contributions to economics: An obituary essay. Ecological Economics 13: 149-54.
  11. ^ Mayumi, K. 1995. Nicholas Georgescu-Roegen (1906-1994): an admirable epistemologist. Structural Change and Economic Dynamics 6: 115-120.
  12. ^ Daly, Herman (2007). "How long can neoclassical economists ignore the contributions of Georgescu-Roegen?". Ecological Economics and Sustainable Development: Selected Essays of Herman Daly. Edward Elgar Pub. p. 126. 
  13. ^ "Georgescu-Roegen Awards". The Energy and Resources Institute, New Delhi. Retrieved 2012-12-23. 
  14. ^ Bütterlin, Veit (2007). Die Ökonomie der Nanotechnologie [The economics of nanotechnology] (in German). Marburg: Tectum. p. 198. ISBN 978-3-8288-9443-3. 
  15. ^ Müller-Herold, Ulrich (1999). "Ich, Clausius, die Entropie und die Ökonomen" [I, Clausius, entropy and economists] (in German). 
  16. ^ Bütterlin, Veit (2007). Die Ökonomie der Nanotechnologie [The economics of nanotechnology] (in German). Marburg: Tectum. pp. 197–201. ISBN 978-3-8288-9443-3. 

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