Nicholas Georgescu-Roegen
Romanian mathematician, statistician and economist (1906–1994) / From Wikipedia, the free encyclopedia
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Nicholas Georgescu-Roegen (born Nicolae Georgescu, 4 February 1906 – 30 October 1994) was a Romanian mathematician, statistician and economist. He is best known today for his 1971 book The Entropy Law and the Economic Process, in which he argued that all natural resources are irreversibly degraded when put to use in economic activity. An esteemed professor and educator in economics, Georgescu-Roegen's work was decisive for the establishing of ecological economics as an independent academic sub-discipline in economics.
Nicholas Georgescu-Roegen | |
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Nicolae Georgescu | |
Born | (1906-02-04)February 4, 1906 Constanța, Romania |
Died | October 30, 1994(1994-10-30) (aged 88) Nashville, Tennessee, United States |
Resting place | Bellu Cemetery, Bucharest |
Alma mater | University of Bucharest, Paris Institute of Statistics, University College London |
Known for | Utility theory, consumer choice theory, production theory, biophysical economics, ecological economics |
Spouse | Otilia Busuioc |
Awards | The Harvie Branscomb Award |
Scientific career | |
Fields | Economics, mathematics, statistics |
Institutions | University of Bucharest (1932–46), Harvard University (1934–36), Vanderbilt University (1950–76), Graduate Institute of International Studies (1974), University of Strasbourg (1977–78) |
Academic advisors | Traian Lalescu, Émile Borel, Karl Pearson, Joseph Schumpeter |
Doctoral students | Herman Daly, Kozo Mayumi |
Other notable students | Muhammad Yunus |
In the history of economic thought, Georgescu-Roegen was the first economist of some standing to theorise on the premise that all of earth's mineral resources will eventually be exhausted at some indeterminate future point.[1]: 13 [2]: 164f [3]: 160–171 In his papers, Georgescu-Roegen argued that economic scarcity is rooted in physical reality; that all natural resources are irreversibly degraded when put to use in economic activity; that the carrying capacity of earth – that is, earth's capacity to sustain human populations and consumption levels – is bound to decrease sometime in the future as earth's finite stock of mineral resources is being extracted and put to use; and consequently, that the world economy as a whole is heading towards an inevitable future collapse, ultimately bringing about human extinction.[4] Due to the radical pessimism inherent to his work, based on the physical concept of entropy, the theoretical position of Georgescu-Roegen and his followers was later termed 'entropy pessimism'.[5]: 116 As he brought natural resource flows into economic modelling and analysis, Georgescu-Roegen's work was decisive for the establishing of ecological economics as an independent academic sub-discipline in economics in the 1980s.[6]: 150f [7]: 65–68 [8]: 422 [9]: 302f