In human thermodynamics, economic thermodynamics is the thermodynamic study of the process by which a country's money and goods are produced and used. 
In 1926, English radiochemist Frederick Soddy's published his famous Virtual Wealth and Debt on thermodynamics in the economic sense.
In the study of thermoeconomics economists use the laws of thermodynamics such as Clausius' entropy, or the principles of nonequilibrium thermodynamics, such as Prigogine's dissipative structures theory for the modeling of the activity and forcast of economies. Synonyms include eco-thermodynamics and thermoeconomics.
In a general sense, the argument exists that the science of economic thermodynamics began following the publication of English-born American economist Kenneth Boulding’s famous 1966 article “The Economics of the Coming Spaceship Earth” in conjunction with Romanian mathematician Nicholas Georgescu-Roegen’s 1971 book The Entropy Law and the Economic Process, after which economists became interested in the subject. 
In 1989, American economists Daniel Underwood and Paul King stated the connection between thermodynamics and economics as: 
“The fact that there are no known exceptions to the laws of thermodynamics should be incorporated into the axiomatic foundation of economics.”In 1990, German theoretical ecologist Bengt Mansson wrote out a standard chapter on economic and thermodynamics in the seven-part textbook series on thermodynamics edited by American chemical thermodynamicist Ali Mansoori. 
Likewise, in 2008 by American physical chemist Thomas Wallace argues: 
“If economics is to be considered as a science-based discipline, the principles of physical science, including the laws of thermodynamics, must be appropriately applied.”
In 2011, German physicist Reiner Kummel, in his The Second Law of Economics: Energy, Entropy, and the Origins of Wealth, argued that we need to begin to incorporate energy and entropy thinking into economics; his general derivation and presentation was incorrigible, novice, and essentially baseless. 
A related term is "biophysical economics" coined by Austrian-born American mathematician and physical chemist Alfred Lotka in 1925 used to signify the application of biological and physical principles to aid economic analysis. 
The related term "bioeconomics" refers to the study of how organisms of all kinds earn their living in nature's economy, with particular emphasis on co-operative interactions and the progressive elaboration of the division of labor.  Today, the term is used in various ways, from Georgescu-Roegen's thermodynamic analyses to the work in ecological economics on the problems of fisheries management. 
The term “econophysics”, described as the use of statistical mechanics to solve problems in economics, was coined by H. E. Stanley in the mid 90's, to describe the large number of papers written by physicists in the problems of (stock) markets, and first appeared in a conference on statistical physics in Calcutta in 1995.
Although most scientists agree that all physical processes abide by the laws of thermodynamics, there are many economists and physicists that maintain that the economy is exempt from these laws. In 1972, American economist Paul Samuelson, who earlier in his career was an avid user of thermodynamic analogies, asserted that: 
“The sign of a half-baked speculator in the social sciences is his search for something in the social system that corresponds to the physicist's notion of entropy.”
In 2003, American physicist Joseph McCauley argued that “real financial markets cannot behave thermodynamically” because “financial markets are unstable, they do not approach statistical equilibrium, nor are there any available topological invariants on which to base a purely formal statistical mechanics.” 
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