Authors: Wanchung Hu
There is a great analogy between thermodynamics and economics. Here, I will use the laws of thermodynamics to describe the laws of macroeconomics. The first law of thermodynamics explains the conservation of energy. Thus, the internal demand and external trade will contribute to citizens’ income. The second law of thermodynamics says that entropy will always be enlarged. Thus, developed nations will have larger entropy compared to developing or non-developing nations. The third law of thermodynamics also reaches because there is no perfect monopoly.
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