Everything about Nicholas Georgescu-roegen totally explained
Nicholas Georgescu-Roegen, born
Nicolae Georgescu (
Constanţa,
Romania,
4 February 1906 –
Nashville,
Tennessee,
30 October 1994) was a Romanian
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, for example, that usable "free energy" tends to disperse or become lost in the form of "bound energy", governs economic processes. His book is considered a founding book in the field of
thermoeconomics.
Biography
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. He was a professor at Vanderbilt University from 1950 to 1976.
Georgescu-Roegen introduced into
economics,
inter alia, the concept of
entropy from
thermodynamics (as distinguished from the mechanistic foundation of neoclassical economics drawn from Newtonian physics) and did foundational work which later developed into
evolutionary economics. His work contributed significantly to
bioeconomics and to
ecological economics.
He was a protégé of the renowned economist
Joseph Schumpeter. His own protégés included foundational ecological economist
Herman E. Daly.
Selected writings
- “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, (1971). The Viking Press: New York.
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