A Treatise on the Natural Philosophy of Economics
- New Horizons in Institutional and Evolutionary Economics series
Chapter 2: Causation
In this chapter I will further explore the idea of a physics of knowledge as the foundation of the theory of economic evolution. For this it is necessary to explore the notion of causation in more detail, in two senses; one is the question of the directionality of causal changes, the other is the role of regularities in causation. This requires elucidating the relationship between energy and knowledge. The relationship between energy and knowledge is straightforward from the perspective of Natural Philosophy: Ontologically, ‘energy’ can be defined as a potential for change entities have relative to a reference frame (Bunge 1977: 240); knowledge refers to the set of regularities that are manifest in these changes. The core theoretical concept linking both notions is ‘entropy’. This is because entropy has two formally homologous interpretations, one in Phenomenological Thermodynamics and one in Information Theory, with Statistical Mechanics bridging the two via the famous Boltzmann formula. There is a deep physical and hence ontological relationship between energy, entropy and information, that is knowledge.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.