4.1 Literature Recommendations
Key Literature
Recommendations for Further Reading
4.2 References
Irreversible Time
Baumgärtner, S. (2005a) “Thermodynamic Models”, in J. Proops and P. Safonov (editors), Modelling in Ecological Economics, Edward Elgar, Cheltenham, UK, Northampton, USA: 102-129. This a good review from physical and ecological economics perspectives.
Baumgärtner, S. (2005b) „Temporal and thermodynamic irreversibility in production theory”, Economic Theory, 26 (3): 725-28. An important paper demonstrating the difference in defining the notion of irreversibility between Mainstream Economics and Ecological Economics.
Baumgärtner, S., M. Faber and L.R. Proops (1995) “Entropy: a unifying Concept for Ecological Economics”, Discussion Paper No. 226. Department of Economics, University of Heidelberg. Published as Chapter 6 in Faber, M., R. Manstetten and J.L.R. Proops (2002).
Baumgärtner, S., M. Faber and L.R. Proops (1995a) “The use of the entropy concept in ecological economics”, Discussion Paper No. 227, Department of Economics University of Heidelberg. Published as Chapter 7 in Faber, M., R. Manstetten and J.L.R. Proops (2002).
Faber, M., R. Manstetten and J.L.R. Proops (2002), Ecological economics. Concepts and Methods. Edward Elgar, Cheltenham, UK, Northampton, USA.
Faber, M., H. Niemes and G. Stephan (1995/1983), Entropie, Umweltschutz und Rohstoffverbrauch: Eine naturwissenschaftlich ökonomische Untersuchung. Berlin, Heidelberg and New York: Springer, English translation: Entropy, Environment and Resources: An Essay in Physico-Economics, 2nd ed. 1995, Berlin, Heidelberg and New York: Springer. Translated into Chinese in 1990.
Faber, M. and J. L.R. Proops (1985), “Interdisciplinary Research between economists and physical scientists: retrospect and prospect”, Kyklos38: 599-616.
Faber, M. and J. L.R. Proops (1986), “Time irreversibilities in economic the natural sciences: in M. Faber (ed.), Studies in Austrian Capital Theory, Investment and time. Springer-Verlag, Heidelberg, New York.
Faber, M. and J. L.R. Proops (1989), “Time irreversibility in economic theory: a conceptual discussion”, Seoul Journal of Economics 2: 109-129.
Faber, M. and J. L.R. Proops with the cooperation of Reiner Manstetten (1998), Evolution, Time, Production and the Environment. Third revised and enlarged edition, Heidelberg etc. Springer- Verlag.
Georgescu-Roegen, N. (1971) The Entropy Law and the Economic Process, Cambridge, Harvard University Press. The classic monography on the foundations of Ecological Economics, written by an author who contributed to Mainstream Economics, too.
Mirowski, P. (1984), “Physics and the marginalist revolution”, Cambridge Journal of Economics 4: 361-379. An economist’s interpretation
Prigogine, I. (1980) From Being to Becoming – Time complexity in Physical Sciences. W. H. Freeman, San Francisco. For his study in irreversible thermodynamics, he received the Nobel Prize in chemistry 1977.
Prigogine I. and I. Stengers (1984) Order out of Chaos. Herinemann. London. This book is written for laymen and laywomen.
Zeh, D. (2001) The Physical Basis of the Direction of Time, first published in German Die Physik der Zeitrichtung, Springer, Heidelberg 1984, 5. Edition. This monography is classic study on time.
Isolated Systems: The First Arrow of Time
Clausius, R. (1854) Fortschritte der Physik 10.
Clausius, R. (1865) Annalen der Physik, 125: 353ff. Both are classical papers
Georgescu-Roegen, N. (1971) The Entropy Law and the Economic Process, Cambridge, Harvard University Press
Iha, A. (2013) “What is the second law of thermodynamics?”, Guardian, 2013, December 1st https://www.theguardian.com/science/2013/dec/01/what-is-the-second-law-of-thermodynamics. This paper gives a good and very short introduction into thermodynamics
Kelvin, Lord William Thompson (1852) “On the universal tendency in nature to the dissipation of mechanical energy”. Philosophical Magazine 4: 304ff. A classical paper.
Kondepudi, D. and I. Prigogine (1998) Modern Thermodynamics. From Heat Engines to Dissipative Structures., New York, Wiley.
Layzer, D. (1976) “The arrow of time”, Astrophysical Journal 206: 559-564.
Self-Organisation in Open Systems: The Second Arrow of Time
Allen, P. and M. Singular (1981) “Urban evolution, self-organisation, and decision make making”, Environment and Planning a 13: 167-183.
Glans Dorf, P. And I Prigogine (1971) Thermodynamic Theory of Structure, Stability and Fluctuations, Wiley, New York
Nicolis, G. and I. Prigogine (1977) Self-organisation in Non-Equilibrium Systems.
Prigogine, I. (1962) Introduction to Non-Equilibrium Thermodynamics. Wiley, New York.
Prigogine, I. (1967) Introduction to Thermodynamics of Irrversible Processes. Interscience, New York
Schrödinger, E. (1944) What is Life? Cambridge University Press, Cambridge. Schrödinger received the Nobel Prize in Physics in 1933. He related the Entropy Law to the phenomenon of life in a pioneering way. His work on physics and biology has been path breaking.
Irreversibility and Self-Organisation in Economics
Allen, P. (1988) “Evolution, Innovation and Economics”. In G. Dossi et al. (eds.), Technical Change and Economic Theory, New York.
Anderson, P.W., K.J. Arrow and D. Pines (eds.) (1988) The Economy as an Evolving Complex System. Addison-Wesley, New York.
Arthur, W.W. (1989) “Competing technologies, increasing returns, and lock-in by historical events.” Economic Journal 99: 116-131. This is a path breaking paper on introducing irreversibility into Economics.
Arrow, K. J. and G. Debreu (1954) “Existence of an equilibrium for a competitive economy”, Econometric, 22: 265-290.
Boland, L.A. (1978) “Time in Economics vs. Economics in time: in the `Hayek Problem`”, Canadian Journal of Economics 11: 240-262.
Debreu, G. (1959) Theory of Value. An Axiomatic Analysis of Economic Equilibrium. New York, Wiley. The classic monography of Mainstream Economics’ theory. Debreu bearer of the Nobel price medal sponsored by the Norwegian Central Bank in 1983.
Dyke, C. (1988) “Cities as dissipative structures”. In: G. H. Weber, D. J. Depew and J. D. Smith (eds.). Entropy Information and Evolution. New Perspectives on Physical and Biological Evolution. MIT Press Cambridge, Mass.
Faber, M., R. Manstetten and J.L.R. Proops (2002), Ecological Economics. Concepts and Methods. Edward Elgar, Cheltenham, UK, Northampton, USA.
Faber, M. and J. L.R. Proops (1985), “Interdisciplinary Research between economists and physical scientists: retrospect and prospect”, Kyklos 38: 599-616.
Faber, M. and J. L.R. Proops (1986), “Time irreversibilities in economic the natural sciences: in M. Faber (ed.), Studies in Austrian Capital Theory, Investment and time. Springer-Verlag, Heidelberg, New York.
Faber, M. and J. L.R. Proops (1989), “Time irreversibility in economic theory: a conceptual discussion”, Seoul Journal of Economics 2: 109-129.
Faber, M. and J. L.R. Proops with the cooperation of Reiner Manstetten (1998), Evolution, Time, Production and the Environment, third revised and enlarged edition, Heidelberg etc. Springer-Verlag, New York etc..
Knight, F. (1921) Risk, Uncertainty, and Profit. Houghton Mifflin, Boston. This is a classic monography.
Kirzner, I. M. (ed.) (1982) Method, Process and Austrian Economics: essays in Honour of Ludwig von Mises, Lexington Books.
Leijonhufvud, A. (1984) “Hicks on time and money”, Oxford Economic Papers 36 (Supplement): 26-46.
Mirowski, P (1984) “Physics and the marginalist revolution”, Cambridge Journal of Economics 4: 361-379.
Nelson, R. R. and S.G. Winter (1982) An Evolutionary Theory of Economic Change. Harvard University Press, Cambridge, Mass. A classic text on Evolutionary Economics.
Pellengahr, I. (1986a) Austrians versus Austrians I: a subjectivist view of interest, In M. Faber (ed.) (1986), Studies in Austrian Capital Theory, Investment and Time, Springer, Heidelberg etc.:60-77
Pellengahr, I. (1986b) Austrians versus Austrians II: a functionalist versus Essentialist theories of interest, In M. Faber (ed.) (1986), Studies in Austrian Capital Theory, Investment and Time, Springer, Heidelberg etc.: 78-112.
Proops, J.L.R (1985) “Organisation and dissipation in economic systems”, Journal of Social and Biological Structures 6; 353-366.
Proops, J.L.R (1985) “Thermodynamics and economy: from analogy to physical functioning”, in W. van Gool and J.J.C. Brugginck (eds.), Energy and Time in the Economic and Physical Sciences, Amsterdam, North-Holland: 155-74.
Romer, P. (1994) “New goods, old theory, and the welfare costs of trade restrictions”, Journal of Development Economics 43: 5-38.
Waldrop, M.M. (1992) Complexity: the Emerging Science of the Edge of Order and Chaos, Simon and Schuster, New York.
Wodopia, F.-J. (1986) „Flow and fund approaches to irreversible Investment decisions”, in M. Faber (ed.), Studies in Austrian Capital Theory, Investment and Time. Springer, Berlin, Heidelberg, New York: chapter 12: 195- 209.