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Economists dream of equilibrium. It’s time to wake up.
In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds.
Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes—an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen’s theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography.
Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder.
This fifth edition in the International Engagement on Cyber series focuses on securing critical infrastructure. The centrality of critical infrastructure in the Obama administration’s recent cybersecurity initiatives demonstrates the timeliness of this topic for greater review and scholarly input. In this manner, articles in this issue uncover the role and extent of international law and norms, public-private cooperation, as well as novel ways of conceptualizing ‘security’ in efforts to improve critical infrastructure cybersecurity. Other pieces provide case studies on the telecommunications, power, and energy sectors to generate an in-depth understanding of specific responses to security concerns in different infrastructure areas.
Additional contributions examine regulatory activities in cyberspace, the potential value of cryptocurrency, the evolution of cloud computing, cybersecurity in Brazil, as well as the integration of cyber in the military strategies of Russia, China, and the United States. The diversity of these topics demonstrates the Journal’s continued commitment to pursuing the myriad facets that compromise the field of cyber.
Please note, this special issue is not included in the subscription to the journal.
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