Nicholas Georgescu-Roegen

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.

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. 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. 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'.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. Provided by Wikipedia