Time Irreversibility in Economic Theory: A Conceptual Discussion
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 2 No.2
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1989.06109 - 129 (20 pages)
- 5
This paper tries to clarify the role time irreversibility plays in several areas of economics. To this end three types of time irreversibility and several conceptual elements of economic analysis are introduced such as Boundary Conditions, Objectives, Procedural Rationality. These are used to typify various economic schools of thought and to examine the roles of time irreversibility in the various schools. Some of these conceptual elements are then combined to give a framework for the analysis of long-term economic development, involving invention, production and interactions with the environment.
Abstract
Ⅰ. Introduction
Ⅱ. Notions of Time
Ⅲ. Conceptual Structures of Economic Schools of Thought in the Short-and Medium-run
Ⅳ. The Temporal Development of Boundary Conditions in the Long-run: Physical Limits in the Environment
Ⅴ. Concluding Remarks
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