Temporal and thermodynamic irreversibility in production theory

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

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Year of publication:	2005
Authors:	Baumgärtner, Stefan
Published in:	Economic Theory. - Springer. - Vol. 26.2005, 3, p. 725-728
Publisher:	Springer
Subject:	Entropy \| Irreversibility \| Production \| Time \| Thermodynamics

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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