This paper was written by H. T. Odum and Richard C. Pinkerton and published in 1955. In this pivotal paper, Odum and Pinkerton argue that there is a tradeoff between efficiency and speed that enables physical and biological system to maximize useful power output. This tradeoff is influenced by the constraints on natural systems, like the amount of the available energy. The systems that maximize useful power output have a selective advantage in evolutionary processes.
Odum, H. T., Pinkerton, R. 1955. Time’s Speed Regulator: The Optimum Efficiency for Maximum Power Output in Physical and Biological Systems. American Scientist 43/2: 331-343.