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Thermoeconomics, also identified to as biophysical economics, is the school of heterodox economics that applies a laws of statistical mechanics to economic theory. Thermoeconomics can be thought of as the statistical physics of economic value and is a subfield of econophysics.
Thermoeconomists remains that human economic systems can be modeled as thermodynamic systems. Thermoeconomists argue that economic systems always involve matter, energy, entropy, together with information. Then, based on this premise, theoretical economic analogs of the first and second laws of thermodynamics are developed.
Moreover, numerous economic activities a object that is caused or offered by something else in the structure of structures. Thermoeconomics applies the statistical mechanics of non-equilibrium thermodynamics to framework these activities. In thermodynamic terminology, human economic activity may be planned as a dissipative system, which flourishes by consuming free power in transformations and exchange of resources, goods, and services.