Re: What is the Law of Conservation based on? And who wrote it?

The ideas of potential and kinetic energy were established
in the 1700's, following the work of Newton. But the idea
of energy as a unique quantity, conserved during ALL physical
interactions, wasn't stated until the development of thermodynamics
in the mid-1800's.

Credit for the law of Conservation of Energy is given to the German
scientists Robert Mayer (1814-1878) and Hermann von Helmholtz
(1821-1894). They were concerned with the relationship between
heat and mechanical work. Mayer stated the principle in a paper in
1843, but it was so shocking to his contemporaries that no science
journal would publish it. Helmholtz rediscovered the principle four
years later, and supported his idea with enough experimental 
evidence that many were persuaded of its correctness.

The law has been extended to include new phenomena many times
since the 1840's. In 1861 Helmholtz suggested that it should apply
to the flow of energy in living creatures. This idea was also 
controversial. Many biologists thought that living creatures 
possessed a "vital force" which wasn't covered by the laws of physics.
Helmholtz turned out to be right again. His suggestion was 
supported in the 1880's by experiments on mice. The German physiologist Max 
Rubner showed that the heat generated by a live mouse in one day 
was comparable to the heat released by burning one day's worth
of mouse food in a fire.

The discovery of radioactivity in the 1890's was a giant challenge to
the law. It was discovered that many materials emit a constant stream 
of high-speed particles. The Curies discovered that a seemingly inert 
piece of radium metal could generate enough heat to boil water. 
Where did the energy come from? Einstein solved this problem in 1905 with 
the theory of special relativity and the famous equivalence between matter
and energy E=mc^2. Some of the mass of the radium was being 
converted directly into kinetic energy.

To answer your question:
The law of conservation of energy is consistent with Maxwell's laws
of electromagnetism, first written down by James Clerk Maxwell
in 1873. The spinning parts of your model would have to wind down 
eventually due to friction losses, unless there was an outside 
supply of energy.