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Temporal and thermodynamic irreversibility in production theory

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  • Stefan Baumgärtner

Abstract

The two notions of temporal and thermodynamic irreversibility are distinguished. It is shown that the irreversibility concept of Arrow-Debreu, while establishing temporal irreversibility, does not encompass thermodynamic irreversibility. This means, the standard irreversibility concept of production theory is too weak to be in full accordance with the laws of nature. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Stefan Baumgärtner, 2005. "Temporal and thermodynamic irreversibility in production theory," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(3), pages 725-728, October.
    • Handle: RePEc:spr:joecth:v:26:y:2005:i:3:p:725-728
    DOI: 10.1007/s00199-004-0525-1
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    Citations

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    Cited by:

    1. Katalin Martinás, 2006. "Non-Equilibrium Economics," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 4(2), pages 63-79.
    2. Móczár, József, 2006. "Arrow-Debreu-modell és a Kornai-kritika harminc év után [The Arrow-Debreu Model and Kornai s critique, thirty years after]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 175-194.
    3. Nikolai Hoberg & Stefan Baumgärtner, 2011. "Irreversibility, ignorance, and the intergenerational equity-efficiency trade-off," Working Paper Series in Economics 198, University of Lüneburg, Institute of Economics.
    4. Verbruggen, Aviel, 2013. "Revocability and reversibility in societal decision-making," Ecological Economics, Elsevier, vol. 85(C), pages 20-27.
    5. Sousa, Tania & Domingos, Tiago, 2006. "Is neoclassical microeconomics formally valid? An approach based on an analogy with equilibrium thermodynamics," Ecological Economics, Elsevier, vol. 58(1), pages 160-169, June.
    6. Jozsef Moczar, 2017. "Arrow-Debreu Model versus Kornai-critique," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 3(2), pages 143-170, April.
    7. Hoberg, Nikolai & Baumgärtner, Stefan, 2017. "Irreversibility and uncertainty cause an intergenerational equity-efficiency trade-off," Ecological Economics, Elsevier, vol. 131(C), pages 75-86.
    8. repec:awi:wpaper:0434 is not listed on IDEAS
    9. Lozada, Gabriel A., 2017. "The Hotelling Rule for Entropy-constrained Economic Growth," Ecological Economics, Elsevier, vol. 133(C), pages 35-41.

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