In memoriam – Nicholas Georgescu- Roegen. A New Paradigm

The name of Nicholas Georgescu-Roegen has been associated with a new paradigm, a new way of thinking. Briefly, the main elements of the Roegenian intellectual matrix are: the entire theoretical and argumentative construction is subordinated to the general perspective, to the system; economics is a social science and in this case factual reality is the main validation criterion; economic processes take place according to the law of entropy, this leading to major reconsideration of neoclassical economic science; economic analysis must be essentially qualitative; mathematics and statistics are only tools; the institutional dimension stands as added-value to research; standard economic development must be replaced by sustained development.