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Temporal and thermodynamic irreversibility in production theory

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  • Stefan Baumgärtner

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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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    References listed on IDEAS

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    1. Céline Rochon & Herakles Polemarchakis, 2006. "Debt, liquidity and dynamics," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 179-211.
    2. Céline Rochon & Herakles Polemarchakis, 2006. "Debt, liquidity and dynamics," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 27(1), pages 179-211, 01.
    3. Benhabib, Jess & Rustichini, Aldo, 1990. "Vintage Capital, Investment And Growth," Working Papers 90-22, C.V. Starr Center for Applied Economics, New York University.
    4. Philippe Michel & Alain Venditti, 1997. "Optimal growth and cycles in overlapping generations models (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 511-528.
    5. S. Rao Aiyagari, 1989. "Can There Be Short-Period Deterministic Cycles When People Are Long Lived?," The Quarterly Journal of Economics, Oxford University Press, vol. 104(1), pages 163-185.
    6. Benhabib, Jess & Rustichini, Aldo, 1991. "Vintage capital, investment, and growth," Journal of Economic Theory, Elsevier, vol. 55(2), pages 323-339, December.
    7. Akiomi Kitagawa & Akihisa Shibata, 2005. "Endogenous growth cycles in an overlapping generations model with investment gestation lags," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 751-762.
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    Citations

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    Cited by:

    1. Malte Faber & Thomas Petersen, 2006. "Natur und Gerechtigkeit als Grenzen der Ökonomie," Working Papers 0434, University of Heidelberg, Department of Economics, revised Dec 2006.
    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. 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.

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