444656 The Principle of Intrinsic Reality: Solving the World's Woes through Chemical Engineering and Economics

Monday, April 11, 2016: 6:04 PM
Exhibit Hall E (George R. Brown )
Jed Moyano Bellen, Process Department, Hyundai Engineering & Construction Co. Ltd., Singapore, Singapore

Human beings in profound rationality always seek for explanations of the phenomena around them. To understand these phenomena, human beings have developed systematized body of knowledge as a practical way of dealing with life's challenges. Among the systematized body of knowledge developed are chemical engineering and economics.

An avant-garde way of looking at each of these disciplines leads to the Principle of Intrinsic Reality. This principle relates the fundamental laws of the two disciplines to glean insights on the constraints imposed by conservation laws on economic systems at both the macro and micro levels. 

It can be argued that if mass and energy in the universe are constant, then logically diminishing returns and marginal utility are bound to be observed. This logic is quite evident in a microorganism culture which follows the Monod growth model.

It can also be thought that conservation laws imply scarcity of resources. As such, it enjoins everyone to find optimal and efficient use of resources in the context of trade-offs, production decisions and sustainability. It even calls for the development of new technologies to produce more outputs from less inputs (i.e. shifting of production possibility frontier to the right). In this way, the Principle of Intrinsic Reality leads to the imperative for sustainable optimization.

Furthermore, it is deemed that the conservation laws can explain the phenomenon called "polarity of wealth." As mass and energy when harnessed create wealth, then the constancy of mass and energy implies boundary for wealth creation. In effect, wealth can neither be created nor destroyed but can only shift from one entity to another thereby creating polarity in wealth distribution. This assertion can be the key towards more equitable restructuring of economic systems to close income gap and thereby result to stable and resilient populace.

In conclusion, this paper envisions for a paradigm shift from traditional money-centric view of chemical engineering and economics to a synergistic convergence of disciplines which can powerfully tackle the world's woes and thereby effect sustainability.

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