S-Space College of Social Sciences (사회과학대학) Institute of Economics Research (경제연구소) Seoul Journal of Economics (SJE) Seoul Journal of Economics vol.02(2) (Summer 1989)
Time Irreversibility in Economic Theory
- Issue Date
- Seoul Journal of Economics, Vol.2 No.2, pp. 109-130
- 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.