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A Non-equilibrium evolutionary economic theory

Author: Ayres, Robert U. ; Martinas, KatalinINSEAD Area: Economics and Political ScienceIn: Economics and thermodynamics: new perspectives on economic analysis by John Foster and Peter Burley; Kluwer Academic Publishers, 1994 Language: EnglishDescription: p. 73-97.Type of document: INSEAD ChapterNote: Please ask the Library for this chapter.Abstract: There are good arguments for assessing that the economic system evolves irreversibly, in some sense, at the macro-level. Not only is this notion consistent with the second law of thermodynamics (Georgescu-Roegen 1971); it is also suggested by the analogy with biological evolution that has been noted a number of times (Faber and Proops 1986; Ayres 1988b). Finally, it makes strong intuitive sense that economic progress should follow in parallel with the irreversible increase in human knowledge
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There are good arguments for assessing that the economic system evolves irreversibly, in some sense, at the macro-level. Not only is this notion consistent with the second law of thermodynamics (Georgescu-Roegen 1971); it is also suggested by the analogy with biological evolution that has been noted a number of times (Faber and Proops 1986; Ayres 1988b). Finally, it makes strong intuitive sense that economic progress should follow in parallel with the irreversible increase in human knowledge

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