Information, production and utility

Economic activities utilize materials and energy from the environment for production, consumption and the discharge of waste. The role of change in technology in an economic system considered part of the ecosystem is explored by using a physical model of production. It quantifies the thermodynamic irreversibility of the production process and of the economic system. Markets determine technological innovation. Governments need not intervene in R&D. Government regulations also provide for public policies for energy and material conserving technological change.