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Economic Cycles of Carnot Type

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Listed:
  • Constantin Udriste
  • Vladimir Golubyatnikov
  • Ionel Tevy

Abstract

Originally, the Carnot cycle is a theoretical thermodynamic cycle that provides an upper limit on the efficiency that any classical thermodynamic engine can achieve during the conversion of heat into work, or conversely, the efficiency of a refrigeration system in creating a temperature difference by the application of work to the system. The aim of this paper is to introduce and study the economic Carnot cycles into a Roegenian economy, using our Thermodynamic-Economic Dictionary. Of course, the most difficult questions are: what is the economic significance of such a cycle? Roegenian economics is acceptable or not, in terms of practical applications? Our answer is yes for both questions.

Suggested Citation

  • Constantin Udriste & Vladimir Golubyatnikov & Ionel Tevy, 2018. "Economic Cycles of Carnot Type," Papers 1812.07960, arXiv.org.
    • Handle: RePEc:arx:papers:1812.07960
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    References listed on IDEAS

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    1. Bianciardi, C. & Donati, A. & Ulgiati, S., 1993. "On the relationship between the economic process, the Carnot cycle and the entropy law," Ecological Economics, Elsevier, vol. 8(1), pages 7-10, August.
    2. C. Udrişte & M. Ferrara & D. Zugrăvescu & F. Munteanu, 2012. "Controllability of a Nonholonomic Macroeconomic System," Journal of Optimization Theory and Applications, Springer, vol. 154(3), pages 1036-1054, September.
    3. Walter Isard & Merton J. Peck, 1954. "Location Theory and International and Interregional Trade Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(1), pages 97-114.
    4. Walter Isard, 1954. "Location Theory and Trade Theory: Short-Run Analysis," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(2), pages 305-320.
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