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<p><i>Entropy Economics</i>, developed by Galbraith and Chen, builds upon a heterodox reasoning initiated in the 1970s by Nicholas Georgescu-Roegen. It argues that mainstream economics remains trapped in a perspective offered by 19th-century Newtonian mechanics, leading to a fixation on equilibrium as the preferred condition. They respond to this dogma with their original models of the <i>Living Basis of Value and Production</i>, which are built on the fundamental rules of exact sciences, primarily physics and biology. Among many illustrations presented in the book, this review uses the “trade war” model to illustrate its reasoning<i>.</i></p>

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Book review: James K. Galbraith, Jing Chen, Entropy Economics. The Living Basis of Value and Production, University of Chicago Press (2025), pp. 248

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  • 发表日期：

    2026年1月14日

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  • Filip Lubinski

摘要

Entropy Economics, developed by Galbraith and Chen, builds upon a heterodox reasoning initiated in the 1970s by Nicholas Georgescu-Roegen. It argues that mainstream economics remains trapped in a perspective offered by 19th-century Newtonian mechanics, leading to a fixation on equilibrium as the preferred condition. They respond to this dogma with their original models of the Living Basis of Value and Production, which are built on the fundamental rules of exact sciences, primarily physics and biology. Among many illustrations presented in the book, this review uses the “trade war” model to illustrate its reasoning.