Temporal and thermodynamic irreversibility in production theory
AbstractThe 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
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 26 (2005)
Issue (Month): 3 (October)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
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- 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.
- Malte Faber & Thomas Petersen, 2006. "Natur und Gerechtigkeit als Grenzen der Ökonomie," Working Papers 0434, University of Heidelberg, Department of Economics, revised Dec 2006.
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