Thermodynamics of Power and Dissipation

Can one provide a thermodynamic theory for processes which occur with finite rates? We discuss a possible approach based on expressing the first and second laws as rate equations. The result is a first law formulated in terms of power and a second law in terms of rate of energy dissipation. We argue that such an approach introduces a distinction between passive systems which are devoid of memory and cannot store energy and systems with a facility of recall (e.g. a coiled spring). The second possibility, that of systems capable of recall, allows for short term deviations from the overall restrictions imposed by the second law, illustrating the maxim that knowledge is power.