CONSTRUCTAL LAW AND FREE ECONOMIC MARKET
DOI:
https://doi.org/10.59277/CLC.2024.46Keywords:
Constructal law, Economics, Evolutionary design, Free market, WelfareAbstract
Constructal law is a rapidly expanding field in physics, biology, technology, economics, and social sciences. It states that everything that flows and moves does so with an evolutionary design. Flow configurations, patterns, and rhythms change over time to provide greater access to their streams, allowing for easier flow. The rule of law and government describe movement "with design" on Earth. In a free market system, each person freely follows their interests, ultimately maximizing the interests of society as a whole. This means that free people can choose and trade, leading to increased growth in the country. In other words, in a free market system, individual freedom is a crucial principle for the country's progress; as the Constructal law states, " for a flow system to survive over time, it must evolve freely." In this paper, we will illustrate that when economic freedom increases, the per capita production of countries rises. In other words, economic freedom leads to welfare in society.
References
(1) Bejan A., Lorente S., Constructal law of design and evolution: Physics, biology, technology, and society, Journal of Applied Physics, 113, 15, (2013).
(2) Bejan A., The constructal law of organization in nature: tree-shaped flows and body size, Journal of Experimental Biology, 208, 9, pp. 1677–1686 (2005).
(3) Bejan A., Lorente S., 2006, Constructal theory of generation of configuration in nature and engineering, Journal of Applied Physics, 100(4).
(4) Bejan A., Lorente S., 2011, The constructal law and the evolution of design in nature, Physics of Life Reviews, 8, 3, pp. 209–240.
(5) Smith A., The wealth of nations [1776], na, 1937.
(6) Hayek F. A., Individualism and economic order, University of Chicago Press, 1980.
(7) Mises L. v., Human Action, Ludwig von Mises Institute, 1949.
(8) McNamara P., Hunt L., Liberalism, Conservatism, and Hayek's Idea of Spontaneous Order, Springer, 2007.
