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Temporal and thermodynamic irreversibility in production theory

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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.
Original languageEnglish
JournalEconomic Theory
Volume26
Issue number3
Pages (from-to)725-728
Number of pages4
ISSN0938-2259
DOIs
Publication statusPublished - 01.10.2005
Externally publishedYes

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DOI

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