  Most people agree that human activities are consistent with physical laws.
One may naturally think that sensible economic theories can be derived from
physical laws and evolutionary principles. This is indeed the case. In this
paper, we present a newly developed production theory of economics from
biophysical principles. The theory is a compact analytical model that provides,
in our view, a much more realistic understanding of economic (as well as social
and biological) phenomena than the neoclassical theory of production.

Physics and Society