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Enron Mail |
Dr. Lay:
You will be pleasantly surprised to receive this e-mail from an Enron=20 Employee. Please note that you are the first and only person in Enron that will know= =20 about the endeavors that this e-mail discusses. Background: In 1986 while I was taking a graduate course in Economics as part of my MBA= =20 program, I started to think that there exists some similarities between=20 Economics and Thermodynamics. In 1988, I discussed my initial thoughts with= =20 Dr. Ibrahim Oweiss, professor of Economics at Georgetown University and we= =20 agreed to investigate this topic. Since that time, I worked with Professor= =20 Oweiss on and off investigating the subject. In the last couple of years, w= e=20 started to make good progress, that was culminated recently by submitting= =20 three papers for publication (see table below). =20 List of Papers #=09Paper Title=09Abstract=09Status 1=09On the Analogies between =01&Economics=018 and =01&Thermodynamics=018= =09Part I: =01&Basics=018 =09=09This part identifies certain analogies between Economics and Thermody= namics.=20 The analogies between =01&Abilities=018 and =01&Energy=018, =01&Utility=018= and =01&Work=018,=20 =01&Capital=018 and =01&Heat=018, =01&Marginal Utility=018 and =01&Pressure= =018, =01&Relative Income=018=20 and =01&Temperature=018, as well as =01&LABOR EFFORT=018 and =01&Entropy=01= 8 are discussed. =09=09This part concludes that the suggested analogies bring about new appr= oaches=20 that will explain some economic complexities by borrowing or building upon= =20 some concepts, theories and experiences in Thermodynamics. =09=09Part II: =01&Applications=018 =09=09This second Part builds upon the basics introduced in Part I where an= alogies=20 between Economics and Thermodynamics have been drawn. In this Part, the=20 application of the analogies is utilized to analyze some of the topics=20 economists deal with. This Part presents a fresh approach that holds=20 promising vehicles that can explain some of the paradoxes economists have= =20 been facing for years. =09Submitted for publications as a working paper at = the=20 Department of Economics at Georgetown University. (November 2000) 2=09A New Approach to =09=01&Production Theory=018=09This paper introduces a fresh approach to th= e Production Theory. =09=09Unlike the conventional approach of relating production to Capital an= d Labor=20 along the line suggested by Cobb Douglas, the approach this paper takes is= =20 relating the production to utility change which in turn is related to chang= es=20 in capital and labor effort.=20 =09=09This approach affords more generality and helps in the explanation of= some=20 paradoxes that the Cobb Douglas theory could not explain. =09Submitted for= =20 publications in =01&Economic Theory=018, (October 2000) 3=09The Capital Engine Concept=09This Paper presents a fresh approach that = explains=20 several observations in economics.=20 =09=09The concept is used to discuss some of the trends the economic growth= theory=20 exhibits. =09=09It is also used to explain gains in productivity associated with tech= nology=20 improvements. =09=09The Capital Engine concept presented in this paper could serve as a b= asis for=20 new growth theory.=09Submitted for publications in =01&Economic Theory=018,= October 2000) =20 A fourth paper entitled "Innovation: Why" is under preparation. In this=20 paper, we are able to substantiate based on the concept of the Capital=20 Engine that innovation is the most important driver for economic growth. Yo= u=20 can see why I chose these two words in the title of the paper from my Enron= =20 world. I have been collaborating with Professor Oweiss on my own time and I am=20 pleased that we managed to get to this point. Professor Oweiss and I are no= w=20 convinced that we have reached some breakthroughs that could revolutionize= =20 the study of Economics. We also feel that we can build further on what we= =20 reached, and even making more valuable contributions. I am sure that you will be pleased to learn of the above, of course being a= n=20 Economist you shall appreciate it even more. As I reach this critical stage on our path of this research project, I wou= ld=20 like to seek Enron support in two areas: I. Patent(s) / Copy Righting: I feel that the contributions that are covered in the three papers are= =20 original and may warrant patenting / copy righting.=20 Since I am the primary author of these papers I wanted to have some=20 credit go to Enron. II. Grant / Sponsorship: I feel that my endeavors which have been purely on my own personal tim= e=20 so far, need to be replaced by a more concerted effort now that we have=20 reached a =20 critical mass. Towards this end, Dr. Oweiss and myself are taking step= s=20 to get funding from the National Science Foundation for a joint research=20 project that=20 would be carried out through the Georgetown University. I do not know of any particular programs within Enron that would affor= d=20 me the opportunity to complete a project like the one we are envisaging. = =20 I feel that such a research program will be very valuable. I am furth= er=20 convinced that such program will not be only of an academic value but it wi= ll=20 have=20 significant impact to the business world. I trust that the publicity that Enron being the leading company in=20 innovation would get out of the success that I am hoping for the proposed= =20 research project will be many folds the amount of money Enron would=20 contribute to the proposed effort.=20 I would be delighted to send you copies of the three papers and / or make a= =20 brief presentation on the subject. I wish to thank you for taking the time to read the above e-mail amid your= =20 busy schedule.=20 Regards, Hemmat Safwat General Manager, Development Engineering Enron Middle East I
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